The term 'short sale' does not refer to the length of time required to get approval from the Seller's Investor to sell "short". Each transaction is unique, but there are common issues that occur, such as never knowing for certain what the Close of Escrow (COE) date will be.
In this case you may be presented with another addendum to extend the COE until the 30 days after the HUD Director forwards the approval.
I reccomend you touch base with the party representing you in this purchase at minimum once a week.
Until you get the Short Sale Approval Letter from the current lienholder aka Bank that states that the Short Sale of the property has been approved with an Approved Purchase Price, a scheduled close of escrow date of when the deal should close. You will have to continue to sign addendums to extend the close of escrow date.
In my experience the bank usually gives the Buyer about 30 days to close escrow. Once the lienholder aka Bank has given the Short Sale Approval Letter. This is usually do, to give the buyer time in doing their final processing of their loan, appraisal, inspections, etc. If the buyer has not done so already.
A question I would ask to the Listing Agent is if the Seller's current loan is a FHA loan? If it is, that could be the reason why the Director of HUD in Oklahoma has the final say on the Short Sale Approval.
Barrett & Co. Realty