Another option: Have you lender order your own appraisal right now. Forget the bank & their valuations. Get your own done & have the listing agent submit that! This way you know what fair market value is NOW rather than in 2months.
Find out if there are any EQUITY LOAN 2nds or cashed out equity on a 1st lien. This WILL make a difference in the end & it could mean that you'll need to contribute with cash for the 2nd or 1st lien holder to release the lien paid in full to the seller.
Realtor Since 1996
Short Sale Expert
Hopefully you have got a good one. Some questions to ask your Realtor, in case you don't already know the answers, would be:
One loan or two?
If two, are they different lenders?
Who is the note holder/s?
Is there a notice of default or trustee sale date scheduled?
If so, what is the policy of the note holder concerning postponement?
What is market value for the property?
Is your offer within 5 to 8% plus or minus of market value?
The answers to some of these basic questions can indicate the likely hood of success.
And of course as others have said patience.
Short sales can be great bargains but tough to wait out while interest rates increase or other perfect homes for you are listed and sold.
We're lenders, not real estate agents, so that's the view from my vantage point.
Good luck and remember, there is always a perfect house waiting just for you.
Happy funding, Rudi
BTW, awesome avatar picture!
Good luck on getting seller acceptance!