When it comes to short sales, it is anything but short. If you are a first time homebuyer thinking that you have time to close by June 30th, forget about it. That is not happening. To see if there is any way that you may end up being around to see this close, see if you can get any information on the balances remaining on these 3 loans. The person can easily owe 50% more than the market value of the home. There have been many instances where the first mortgage company agrees, because they get back most of their money, then you never get agreement from those who are in subordinate positions.
As for time frame, if you really want this house, six months from never might be a good idea. Then you won't be disappointed. Seeing as all experts think we are now entering a rising rate environment, you should also be prepared that once they have all come to agreement, you may not qualify if you are thinking of financing.