It completely depends on the lender and even the negotiator that the file has been assigned to. We have had contracts substituted on short sales and a new approval letter issued within days. On others we have seen the short sale completely start over and go through the process from scratch. The good news is that you know the price was previously acceptable to the bank so unless they obtain information that leads them to believe the home is worth more, you should be fine.
Buyers should be prepared to wait it out when they go into a short sale transaction. Best of luck!
The Lim Team
Just had a buyer back out on a home that was approved and we closed with another cash buyer in two weeks as the short sale lender gave the second approval within 5 days having said that each situation is different but based on the limited information given I would say your Realtor is correct in that it should go much faster.
Jax Elite Realty