That means that your offer is being reviewed by the bank. They are figuring out how much they will write off base on your offer with the difference on the sellers' loan. Plus they are figuring out is your offer make sense and that ussually takes 15 - 30 days since there are a lot of people involve in this process not just one person.

So be patient, prepare your loan, talk to your loan officer to be ready with your loan so that when your offer get's approve, you will have no problem with financing.

Hey, that's wonderful news! You are another step closer to getting your home. The negotiator will order a BPO, if it comes back close to the price you offered, she/he may authorize the sale and send out a written approval to your agent. Just make sure your agent stays on top of this sale as I've seen many short sales just sit there because the negotiator is waiting on more paperwork and unless you call often, you'll never know.

Good news, you have your foot in the short sale door. The negotiator reviews your offer and compares it to their appraisal or Broker Price Opinion. He then determines if your offer is worth a counter offer or a flat "no." Whatever the response, if you truly want the house, make your highest and best offer. Negotiators don't like to go back and forth.

Good luck,