1 year (almost) and still waiting - short sale...

i have purchased bank owned properties only so far...i have yet to buy a multi family via short sale, however i have about 15 units that i am trying to buy as short sales...anyways the broker of one property of which i put an offer in back in Nov/Dec of last year calls me today and says they have approved the sale...he says they are in phase 2 (whatever that means)...its a bank of america mortgage...

 the deal would be for $140K, needs about $15K-$20K in work and w. my hard money costs i'll be into this one for about $165K...ARV will be $280K and rental income will be $3900 per month with cash flow over $1500 per month on a 20 year commercial note

 its another 3 decker with 3 beds in each unit and 2 full baths...its a great deal and a cash cow...if this house was to hit the mkt it would easily go for $220K as is

 i hope im not getting too excited, i haven't done a deal since May of this year compared to 4 of these properties in 2008...lots of competition out there in my market especially on the bank owned multi's...