As the buyer in any short sale transaction, getting the bank to approve a discounted payoff does not necessarily mean you are in the clear.
It is your responsibility to ensure that there are no title issues that might impede the process, and with a short sale property, this is necessary more so than in any other transaction. This can only be accomplished by having a title search done by an experienced real estate attorney.
Even though the bank holding the mortgage may agree to the contract price, a title search assures you, the buyer of a good, clear, marketable title. A short sale may represent a great opportunity to buy a home at a discount, but there is also have a much higher likelihood of liens, judgments and other potential title issues against the seller.
Waiting for short sale approval can be a long process, but do not be so anxious to finally close on the property that you fail to have the title work done properly. Contact Black and Buono if you are interested in buying a short sale home.