The answer depends on many things, but keep in mind that only about 1 in 10 short sales actually end up selling. So, while the bank may approve the sale, you may not be able to buy it, because your answer depends on:
- what if appraisal comes in lower?
- is there mortgage insurance on the property? if so, they may require the seller to sign an IOU, which the seller won't, thus preventing you from buying it.
- what are your terms & conditions? even cash offers have terms/conditions
- are there 2 lenders or just 1?
- what if the seller files BK? a sale may occur but could take a very long time
- etc, etc, etc.
For more specific advice, you will be best served by allowing an experienced, full-time Buyer's Agent to assist you.