The previous answers are correct in that it does take time, but this agent does need to stay on top of what is happening and keep you abreast. Many agents in our area are calling the bank every couple of days to keep in touch with what is happening. A little assertiveness goes a long way. If there is a short sale addendum, it should state how many days from accepting your offer (effective date of contract) the bank has to respond. If you didn't do this addendum, you should ask your agent about this addendum and get one executed.

It takes time and they do not have to proceed at any pace other than thier own.
No the bank does not have to notify you of anything. The client of the bank is the person that owes them the money. They will wait till they realize that it isn't going to get any better and they should go ahead and take the loss.
Did you offer to take out your loan with this bank? It sometimes helps to put the possibility of making money on your interest on the table.

It takes time! Every lender has there own schedule it seems that 3-6 months after submitting a complete package is within reason. It seems that an offer can and may be ignored altogether.

Betty,

Unfortunately, with these types of transactions timing is established by the lender. They establish the guidelines very often at the cruel expense of the buyer.

You are no doubt, experiencing why many buyers are electing to not get involved with these offerings.

Good luck,
The "Eckler Team"