If it is a HAFA short sale it should be done in two weeks once the forms have been submitted. If not 60 days seems to be the norm.
If you are priced right there should be no problems but I would strongly advise againstsigning another contract unless youy intend to buy both.
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Or are you wishing to keep that contract in place while you try for this other property? This could put you into a risky situation if you get acceptance on both.
I suggest that you contact the agent that wrote up the original contract on the short sale to go over your options as each case is very specific, dependent on how the contract was written.