The answer depends on the lenders, the number of loans on the property,. etc. It really is case by case basis. Typically it could take anywhere from 3 to 6 months or even a year. Short sale is not for every one . These days, banks don't offer up much discounts like they used to.
There isn't really a "magic" number that the lender want since it varies property by property. The lender will only approve a short sale knowing that they lose less than taking it to foreclosure auction or as bank owned sales.
The most important thing is to have your offer submit to the lender as lender only work with 1 offer at one time. They only wanted the agent/seller to submit the "best offer" and a lot of time, the agent get to pick which offer is the "best offer"
If you have other questions, please contact me any time
With short sales there really is no specific time line. Each bank is different and approval typically can take 2-6 months. Once the approval is obtained, escrow generally will be 30-45 days. When the bank accepts an offer then the competition will end and escrow will open.
Please let me know if you need any assistance.
Prudential California Realty