At this point, you would be dealing with the current owner and then the owner will take any offers to the bank and ask the bank to approve the deal. Even if the seller accepts your $150,000 offer, the bank has final say.
Short sales can take 3 or more months to get approval.
The case you are talking about is a short sale, so the owner is underwater and owes more than the property will sell. The transaction is more than a real estate transaction which will require banks approval for both the mortgagor and making sure the property is selling for value. So if the value is too low the deal will not be approved and if the mortgagor does not meet their requirements, the deal will not be approved. If you are looking for a deal focus on other distressed properties where you can get a quick answer. The short sale you might have 2 -6 months before an answer know if your purchased a property or not.
First Weber Group
Certified Distressed Property Expert