The residential purchase agreement is a contract between a seller and a buyer. If the seller accepts, then you are technically in contract but as Keith states, the short sale addendum overrides the specific wording in the contract for when the inspection period begins, and when the earnest money deposit must be deposited as being after the lender accepts...if that's what was specified.

You need to review your contract with your realtor to make sure that it is spelled out correctly for the short sale through the short sale addendum. If not, you might want to add it now?

Good questions Jeffery. Make sure and resolve this as soon as possible so you're all on the same page.

Jeffery
What does your Realtor say?

The only advice you should be acknowledging from those professionals who have read all of the related documents.

Generally, a short sale is between an owner and a buyer. The owner accepts the offer SUBJECT TO the lender's approval. Depending upon how your purchase agreement is worded that will determine when things happen.

For example, in California, we have a short sale addendum that have various options based on the circumstances. You should make sure that YOU understand what is happening. As much as we like to help on Trulia, you need advice from YOUR REALTOR.