Short Sale Delayed. Wait or go to next property

[Kevin Polite]

We found a property, if we can still buy it at the agreed price, would have been a great deal to buy & hold in an area that is rapidly changing for the better. House down the street rented for if we get the same would be 20% return.

Yet the agent just informed us that they discovered on the day before closing a 2nd, the seller is in bankruptcy and the Bankruptcy attorney didn't know seller was selling the house & no one has contacted the 2nd. the 1st mortgage had approved the sale. I would have moved on long ago, but this is in my target area, well below my target price, however, who knows when this will if ever be resolved.

We can only, at this point, do 2 deals at a time and we have a contract on the other. Should we move on or wait to see how this plays out. We are in month 4 on the short sale.