Odd's of this Short Sale Closing

[Mark Wilson]

Greetings all. I am currently attempting to purchase a short sale and have the property under contract. I am not a real estate investor, have never purchased a short sale and am making this purchase as a primary residence.

This short sale has some baggage. I'm currently in a rental house so I can wait it out, but I don't want to continue pursuing if there is not a legitimate chance that this deal will close.

Contract price of the house is 450k, which in my opinion is pretty close to market. This deal does not represent a huge value, but inventory is non-existent in the neighborhood and I want the house.

House is deep into the foreclosure cycle with final judgement issued and auction date set.

There are two lien holders. The 1st mortgage is completely underwater and there is a 2nd mortgage. The second mortgage is a blanket that covers several other investment properties owned by the seller. I think they are all in foreclosure.

Anybody ever successfully closes a short sale with a blanket mortgage? Do short sales often occur after final judgement and auction date? Any and all advice is appreciated.