Don't sit around for the bank to call you b/c they usually will wait and see if a better offer comes in. Meanwhile............ you should go out and look at other homes and see if you find something else that you like.
For a short sale there are two components to an approval.....the owner and the bank, which has to approve selling the home for less money than is owed on it. In doing so it needs to determine the tru extent of debt associated with the property.
Depending on what part of the short sale process the owners are in, owner approval is normally quick while bank agreement could take several months. This is why some people are electing to avoid short sales and persue foreclosures which take much less time to close.
Lynn911 â€“ ~ National Featured Realtor