We're almost on the same boat. I made an offer on a short sale property thinking that it has only one lein. I emphasized to my realtor that I can proceed if thios property has only ONE LEIN. After almost 2 months, I got the approval . Then, he said , we still have to wait for another approval. WHAT??? That's the time I found out that the property have 2 liens, BOA & WF. I've spent a lot already prior to appraisal and now, I'm still waiting for the approval from WF.
With the amount of time, money & effort that I've spent on this property and with the extension of the closing date,we might as well wait a little more.
I made the offer last March, got the 1st approval last May 26th, now I'm still waiting for the 2nd & it's July now.
I like the house and it's closer to work & school that's why.
Good luck .... but if you think you can't wait longer than 4-6 months, DON'T PROCEED. It's really a headache,....probably MIGRAINE , to best describe the pain... lol..
Also, I hope your realtor is honest & will be on top of everything especially when making follow-up calls to the listing agent and relaying back to you the current status.