Do not have your agent bugging the listing agent every day for an update(IMHO). He/she has absolutely no power to speed this up. Every 2 days or so should be fine. You don't want to make an enemy of someone who can be of help to you. Being a pest or persistant can be a fine line. Just my opinion.
So you will have to wait for the person who gave you the counter-offer to hear back from the group of individuals they need to get the response from. The only comfort you can take is that all other buyers purchasing a short sale have to go through a similar process. I heard recently that a negotiator working on the short sales for lenders can have over a 1000 files at a time that they are responsible for. It may not make you feel any better but all of those buyers are in the same boat as you.
Second, don't be surprised about banks dragging their feet. We see this constantly now, and yes, it makes no sense. The banks are overwhelmed though. We have found the best way to deal with the banks is to repeatedly call/email your contacts there, try to get other contacts and work your way up. Get in touch every day. Eventually you usually get your answers, with enough persistence!
Keller Williams Real Estate