by Inlanta Madison on April 27, 2012 ·  Based on the struggling economy of the past 3 years many homeowners have been forced get rid of their property through a short sale. As people rebuild their credit and improve their incomes they are starting to get the itch to buy a home again. Here are the general guidelines for qualifying for a conventional mortgage following a short sale.   Be Patient The first thing to understand is that time heals all wounds, even credit problems. Most lenders will require the people wait a minimum of two years up to a maximum of four years following the short sale of their home. Lenders require this passage of time to give people a chance to re-establish their credit and also improve their financial habits that will lead to better budgeting and better savin... 04/29/2012

 This house is listed as a Short Sale what does that mean? A short sale is when the bank needs to approve the sale of the house for less than what the sellers owe on the property.  Just yesterday first time home buyers were meeting with me and were wondering what a short sale was because one of the houses the Realtor found for them was a short sale. Here is an example: The buyer wants to offer $200,000 The seller owes $220,000 How can this house be sold?  The answer is the bank needs to agree to take less money than what is owed to them.  Sometimes they say yes and sometimes they say no but either way a typical short sale is a slower process. Over the last couple of years it has become more streamlined but still is not as quick as being able to negotiate directly with the sellers of the... 04/01/2012