My First Short Sale and First Deal - Questions (Newbie)

[Steven LaLonde]

Hi Everyone,

I'm about to do my first RE deal with the help of my father in-law, acting as a mentor (he is a landlord and RE investor locally where I'm buying which is in/around Albany, NY).

The deal is a short-sale, and we made a cash offer w/ proof of funds back in mid November 2015.  I know these (Short Sales) can take time, so fast forward to today and we're almost 2 months in since our offer.

We have been in touch with the listing agent and it seems like the bank just got back to us. There were two other offers on the house but they were dropped, seemingly because they had required mortgages/contingencies.  She (listing agent) was "90%" confident we'd hear more next week and should be good to get the house. 

As this deal potentially gets real and goes through, I am looking for advice.  My biggest concern admittedly is: "What do I need to do, to make sure nothing catastrophic happens." Reason:  As this is a cash deal, it's a huge part of my savings and overall net worth and want to make sure I'm very 'safe' and protected. Otherwise, I'm very excited and hopeful as we know this deal is a very good one!

Thanks!

Steve