HELP!!!!!! Problems with a Short Sale (Possible Sales Lead for Indiana)

I can understand how frustrating this is for you and your clients especially when they love the house. First, is there a foreclosure sale date or has the lender just recently filed for default? Regardless, there is still time. I am not  familiar with Indiana's foreclosure process but in Ohio the homeowner owns and can sell up to the auction date. It is not unheard of for the lender to postpone the sale if the offer is in their best interest. Second, has the listing agent submitted all of the information that the lender requires including the purchase offer to both of the lien holders? The second lien holder will need to give their figure to release and that must be submitted to the first lien holder for approval as well. I would contact the listing agent to verify that he or she is staying on top of the sale. I find that you really need to be persistant with these lenders to get anything done. As for buying it bank owned after the foreclosure sale, there is no guarentee that the plantiff (lender) will win the bid if there are other parties interested in the property, therefore your client may not have a chance to buy it as an REO or bank owned property. I would start with the listing agent to make sure ALL the appropriate and nessessary paper work has been submitted to the lenders and that they have a contact/negotiator assignd to work the file. The third party is not a major issue. Instead of hiring a staff for a short sale/loss mitigation department within the lender they contract to a third party but the lender has the final say. Time is of the essence. Call the listing agent to follow up. Hope this helps and bestof luck!