There are some great answers here. The most important thing that has already been mentioned is the fact that it can (and most likely will) take significant time for the bank to give an answer. The unfortunate part is that you could wait as long as 6 months and be told "NO" by the bank. Hopefully your agent advised you on your options on the "short sale deadline," meaning the amount of time you would give the bank to make a decision.
If you absolutely love the place and are OK with waiting several months to get an answer then you have nothing to lose.
If your contract is already ratified between yourself and the seller, then there is nothing else that I am aware of that you can do. It;s simply a waiting game. The bank has to assign someone to this particular case and then they will get to it at some point.