Question on short sale offer on note going to auction in a week

[Bob Malecki]

We have a first position note on a SFR in the Seattle area which is going to auction on 11/4. There is no subordinate debt or liens on the property and there is equity. The borrowers still occupy it and have it listed with a broker on the MLS. Today I received a short sale offer which looks acceptable, and this means that we will have to postpone the sale. I'm a bit skeptical that this may be a tactic to just buy more time.

Does anyone have any recommendations on additional measures to take if we decide to accept the short offer? The borrower's agent sent me the offer and buyer prequal letter, but wondering if there is anything else we can legally do to mitigate our risk. @Dion DePaoli, any thoughts?