Taking over an approve short sale

[Timothy Leong]

Hi all,
Last week a buyer backed out of an approved short sale and I was able to "slide" right in according to my Realtor. He mentioned that the approve short sale should be moved into my name after a few days and we should have a quick close. Is this true? Ive been reading mixed things about it and havent came up with anything really sound to say one way or another. Im debating on getting out of this deal and buying property elsewhere or staying in this deal.
Approved short sale last buyer @196k
Comps are now at 240k
Tenants are paying $1425/month and wants to stay another 1.5/2 years (already in the house for two years)