Advice sought for Short Sale/Bankruptcy Property

[Carlos Gallegos]

Hi Folks,

I have placed an offer on a property over 6 months ago.  It has been accepted by the seller who owns the home but does not live in it.   He is working with an attorney on negotiating this short sale with the bank.  It suffices to say that this home is the least of his worries.  The bank has been slow in responding.  I'm suspecting he will probably file for bankruptcy soon.  He owes a lot more than what the house is worth and back taxes are beginning to pile up as well.  The home has been on the market for over 3 years.

I am not sure what the bank is thinking on this.  Given that the home has been listed for over 3 years I think they would move fast on an offer.  Would I be better off waiting until the bankruptcy is over and the bank forecloses on the property?

Mario