Short sales require patience and flexibility on the part of buyers.
Lenders will have a Broker Price Opinion (BPO) performed on a property (in lieu of an appraisal) do get an idea as to the current market value of the property. Based on the BPO (market value), the condition of the house, the mortgage balance, and other factors, the investor(s) will determine the minimum net price they want for the property.
If your offer comes in below that minimum net price, it will be rejected. If you up your offer, they go through the process yet again (but this time without doing another BPO). The back and forth process in and of itself can take several months.
Your real estate agent should have prepared you for this situation before you made the initial offer.
The Peggy Cobrin Team