Put Offer On Short Sale Today - Question PLEASE

Guys just wanted some insight.
I just put an offer on a house that was listed for $349,000.
Its a short sale.
I put in an offer for $315,000 today. The house has been on the market since Saturday. (not long) The sellers REA had us fax our credit scores along with the offer to her and she will be sending the offer to the bank today. Our scores are in the low 800's.
I heard it takes months to hear back from the Bank so I am pretty anxious already.
Does anyone think that offer I submitted will possibly get accepted or is that to low? I am located on Long Island, NY.
I am hoping our excellent credit will help. Do the banks usually counter offer with a higher price? Is it possible they will just accept the offer I gave? Someone please let me know, Just wanted to make sure I am doing this right.
Thanks everyone!

[ Edited by ToolBag on Date 04/10/2008 ]

It takes anywhere from three to six months on average to negotiate a short sale with a lender. When we negotiation a deal where we buy and hold versus buy and quick-turn, the average is five.

Much depends on the skill level of the Realtor. You might want to ask how many short sales this individual has negotiated, and ask for the HUDs from those transactions to back up whatever number you are told.

Many factors come to play when making an offer. Again, it's up to the Realtor to get the information organized, get the BPO ordered, manage the BPO appointment, and then obtain an acceptance. The bank holds all the cards, but it's up to the Realtor to facilitate the process.

Having done hundreds of transactions, not once have we ever faxed credit scores to a bank. They will be more concerned with identifying what they believe to be the true "as-is" value of the property as determined by a third party interior appraisal.

Much also depends on the lender and how efficient and organized their loss mitigation department is.

[addsig]

Thanks for the quick reply.
So I am basically looking at 5 months? I doubt highly I will wait that long. I will look for something else by then.
So us faxing over the credit scores means nothing? Why did the sellers agent request that from us so she could fax to the bank?

Thanks again.