Note buying question

[Dyrol Harding]

Hello BP. Have a question regarding a property I am interested in acquiring. Here is the scenario;

This lake-front property in PA has 4br 3ba and has a market value of about 190K I put an offer in for a shortsale purchase of 125K. The realtor says that the seller (current owner) is not cooperated with the bank and has not submitted the appropriate paperwork to solidify the shortsale. I asked the realtor if I could purchase the note instead but she says that it is not possible at this time and I have to let it run its course and start the foreclosure process. Here are my questions:

1) Is there any limitation on when a bank will allow a note to be purchased? If the loan is in the shortsale "approval/pending" stage can the lender sell the loan?

2) Is there any validity to the agent's statement?

3) Is there any way around this?

Thanks a lot for your feedback....