Q&A: Has anyone purchase a short sell home or know the process of buying one?

Question by Rose: Has anyone purchase a short sell home or know the process of buying one?
My fiancé and I put an offer on a short sell home and are waiting for the bank to accept our offer. I was wondering what are the step does the bank go through before they accepted our offer? So far I know that the bank hired a negotiator and also a title company. Is that a good signed that they accepted our offer?
The house went pending subject to Lender approval and we are currently the only buyer that put in an offer.

Best answer:

Answer by golferwhoworks
who knows as banks may be looking at several offers on this home. It is a very slow process to get a short sale as some take several months to complete
I am a mortgage banker in TN & KY

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