If short sale is declined can I make a deal with the owner?

[Joshua Hood]

Hello all,

I am very interested in becoming an investor, and have found a home that has the potential to have a great amount of equity that I could use to begin my investing career. The property I’m trying to purchase is through a short sale with great potential and will be my primary residence. We have a signed contract with the owners, but have been waiting for months for an approval from the bank. We are concerned that the Bank will not approve the short sale and opt to let the property foreclose instead. If the short sale is denied, is there a way to make an agreement with the owner to transfer title, take over payments and then we refinance later? The house is located in York County Virginia. I would appreciate any guidance on a potential solution!