A short sale listing is another type of sale, it differs from a traditional re-sale and a foreclosure property. With a short sale the owner still owns the property however they are selling it for a less than what they owe the lender. This will require the lender to approve the sale of the home and ultimately the price.
The average time to complete a short sale deal is 3 - 5 months, some can go quicker some can go longer. Your best bet is to get with an agent who is familar with the process and knows how to get the deal done.
If time is of importance to you I would recomend looking at traditional re-sales or bank owned properties. If you can wait and are in love with the home a short sale is not a bad way to go!
Without knowing the actual address of the property, you will not be able to find out the exact schools. If you know the address you can go to the Orange County public school website and they will provide you the information.
I do a lot of deals in this area, so if you have any other questions or need assitance please feel free to contact me!