If you are waiting on an appraisal to be accepted by the bank holding the mortgage on the short sale side, you could wait a long time. I had an all cash short sale that took 4 months to close. It all depends on the processor at the bank and how backlogged they are.
If you need to close on a timeline, don't try and do it with a short sale or foreclosure. There is a high risk for delays. If it is a great deal and you can be patient, keep checking in, make sure all of the paperwork is complete and accurate, but be prepared for delays.
