Short sale advice

[Beau Alesi]

Hello and thanks in advance . My friends house in short sale . It’s going up for auction April 6th but he filed bankruptcy so he said the auction would be canceled . He’s been going through this for many years now. The house went up for action a few times already but got cancelled . He does not live in the house but is renting it to a few tenants . He has a real estate agent involved, not sure why. I spoke with home and he said for me to call him the day after the auction to make sure it was cancelled and we will talk then about moving forward. I had my Mortage broker talk to my friend so he could get the details. 
the real estate guy said banks like all cash but that doesn’t mean I can’t do it with a conventional loan.  Just looking for advice on best way to proceed that will increase my chances of getting this house. A year ago the bank said they would take $420k but who knows now. The house is appraise for about $725k. My friend said the bank is at its wits end and not sending anyone else out to appraise.thank you for any advice that will help me with this transaction. Sincerely appreciate it.