Well, these are just two of the ‘new’ real estate terms that have come about with our changing real estate market.
Zombie homes are the ones that have been abandoned by their owners, and are not being taken care of by anyone. Eventually the bank will take over basic lawn care and ensuring the house is locked, but these houses can remain empty and ignored for years before the banks show up. That is an invitation for break-ins, homeless people moving in, drug dealers and many other scenarios. I watched a Zombie house that was literally ignored for nearly SIX years. One day I noticed there was a motorcycle with a cover in the driveway, and it stayed there for some time. Sure enough some guy had moved onto the porch and was blatantly parking his motorcycle in the driveway. I guess he thought no one would notice! Another neighbor had alerted the police, and one day I actually saw him and snapped a couple of quick pictures and sent them on to the Police. That was the end of his ‘free rent’. Anyway, I digress…! ;-} The bottom line is that Zombie homes can pop up anywhere, it doesn’t matter how much they are worth.
Boomerangs is the new term for unfortunate home owners that lost their homes in this past real estate recession, and have now had enough time to re-built credit so they start in the direction of purchasing their own home again. It was a rough ride for a lot of people, so it is really nice to know that the nightmare can end and decent people can actually live the dream of home ownership again.
Just a quick tip — If your credit was ruined (or if you have never built up credit), here is a way to quickly build/re-build good credit:
1) Obtain three credit cards. It doesn’t matter if they are secured with your bank, or for a retail store that will give you a card. Just get three sources of credit set up. It does not matter how low the credit limit is.
2) Charge something each month on the new cards that you would normally be paying for –- like gas for your car for instance. Then — and this is the IMPORTANT part –- pay off each card in full every month.
3) If you do this with three sources of credit for only six months, you will be amazed at the difference in your credit scores.
Once you have good credit again, it may be time to consider buying a new home. Feel free to call me so that we can explore this option for you. In the meantime, I hope you can avoid the Zombies! :)) Pam Ryan Anderson