First off it's a short sale, and that trims the buying pool down because as a rule, there's no negotiation, and most agents do not like to deal with short sales, steering their clients away from them. The bank tells you it's approved, or no. And if it's a no, there's no countering, you just have to re submit another offer and wait again for the banks response to hear if your second offer has been approved or not. These banks usually take at lease 2 1/2 months to get back to you. Also, it's being sold as, and has a contract on it. Your inspector will find out what's wrong with any home you look to purchase once you're under contract. ALWAYS get an inspection. Feel free to contact me if you need any assistance in your new home search.