The home has been contingent since 10/22/12. Have your agent contact the listing agent and see if the homeowners will allow a back-up. Have your agent find out who the servicer is, if its one or two liens and what stage they are currently at.
I had a backup offer on one of my short sales and the original buyers were unable to meet the counter offer from the bank so the backup was given the chance and they agreed to it.
If you have any other questions, please feel free to contact me.
To talk about a back up offer with you and also review where everything stands. Please contact me directly at 630-913-4181. Thank you.