Hi Maddy,
It sounds like you maybe in a good position but each bank has different guidelines and timeframes when settling short sales. I hate to sound vague but this process has not been standardized as of yet. However it is usually a good sign when the second has signed off, hopefully your realtor has rushed that info to the first and an approval will follow shortly (this could still be several weeks). From date of signed approval you should close within 30 - 45 days based on your offer.
Good luck,
Kristal Wilson - Thu Aug 13 2009, 11:18