Regarding short sales, I've heard of them taking 12-14 months. More typical is 2-4 months. But 120 days is nothing. Entirely standard.
Foreclosures tend to move quicker--maybe a month or two, in many cases.
If you're dealing with a short sale, have your agent contact the listing agent to make sure that the short sale package was submitted properly. And the listing agent should be in contact with the lender(s) regularly.