Well...we received some news today...it's not good and not bad...we are still in limbo.
The short sale negotiator for the bank notified us that he has everything he needs and submitted his recommendation for approval on June 2, 2011. However, because of the large loss to the bank, we are still looking at a minimum of 3-4 weeks for a decision. He needs a second approval because of the large loss.
Meanwhile, I hear that our offer is very close to appraised value, so I'm not sure why they wouldn't jump on it. The house has been vacant for over two years and is deteriorating every day.
If they went out to the house to see its condition, I'm sure they would approve the offer right away. The more they wait, the more the property depreciates.
Hopefully they will make the decision to approve sooner rather than later.