Thanks guys for your input. I did some research on the public records of the seller and this is what I found :
-12/05/2006 she had a loan of 381000$ for 30 years adjustable rate balloon rider.
I also compared this house case to other short sale sold last 6 month where the lender was BofA and I found that they agree to sold houses that owe more (one of them , the seller has a loan of 415000$ since 12/01/2005 for 30 years )
What do you think experts is this going to go through or BofA will demand other offers . should I ask the seller agent to take listing out of MLS so no one can see it. The seller agent is saying that the short sale will not exceed 3 months which by then will qualify me to the tax credit.
note :i am purchasing this house for 265,000$ (the seller was askin 219,000$)