It all depends on the Agent doing the Short Sale, if there is more than one Loan to get approved and other factors. The Bank can ask for more than listed price and sometimes does not approve the Short Sale.
It takes a few months of waiting. It can be a long drawn out process,
Brian

Banks have been pretty good about approving short sales. An experienced listing agent will be able to show the bank a history of listing price and drops it has taken to procure the offer.

It is taking around 90 days for short sales to get approved. It's frustrating for everyone involved and the process is an exercise in patience!

I have written fairly extensively about the process on the Get Home Denver Blog. You can follow the link below if you're interested.