By way of introduction, I am a real estate broker in CA, and a cash buyer investing in a SS property in Reno, Nevada.  Although I am involved in real estate, it is in the commercial arena, so SS's are new to me from a process standpoint.  My question is how likely is this to close in the next 4-6 weeks. 

Here is the scenario.

Sellers loan on the property is $200K.  Property has been listed as SS since October 2011.  I am either the 2nd or 3rd buyer.  BPO was done, with last buyer.  SS approved for Seller, but LA claims not to know the magic number for bank/investor approval of a buyer's offer.  LA does think we are right in the range given recent sales in the same development.  My offer is $78K cash with a closing of June 7, although we can close within 2 weeks of appoval (comps are $75-85K), but I did find that another identical unit owned by Chase that came back on the market a few days ago had a BPO of $90K and Chase countered that buyer at $85K.

For this property the original loan was with Countrywide, now serviced by Green Tree and investor is FNMA.  Green tree negotiator said the package went to the investor on April 27, 2012.  Not sure if that means Green tree is recommending approval or they just processed the package and sent it forward.

Given this scenario, can anyone venture a guess as to when this one could close and if given the new FNMA guidelines we will get a counter? 

Thanks!