I am familiar with Equator and there are a couple of reasons why Equator will have a "no longer accepting offer" status. The first is because there is already and accepted offer that is in process of closing, which sounds like this applies to your case. The second is because there are other issues and the property has been temporarily removed from active status. One example would be an issue with the title which can sometimes take months to resolve.
In your case, you are under contract to purchase a short sale which is a very uncertain and timely process in many cases. I have been involved in short sale transactions that have closed in less than 60 days, and others that have taken 8 months.
It is difficult to wait patiently while watching the interest rates rise (still at historically low rates). There is really nothing else that can be done other that to have your Realtor keep asking the seller's agent to provide an update as to the status. Keep in mind most short sale negotiators at the lenders have extremely high case loads, and the summertime tends to slow the process with vacations.
Fred Strickroot, Realtor®, MBA, CDPE, EPRO®, SFR
Florida Lic. Real Estate Brokerage
2154 Seven Springs Blvd, Suite 103
Trinity, FL 34655