Bravo, Nick--good answer!
What I have starting doing with my buyers, Pamela, based on my experiences this year with short sales on both sides, is to be very up-front with them, and let them know that the process WILL take a minimum of five months. If the buyer's timeframe is too narrow for that, we only look at non-lender approval situations.
I should mention, however, that I've even been thwarted several times on foreclosure properties--three times now in the past six months I have had a buyer in contract on a bank-foreclosed property that the bank/seller either extended closing for an interminable time while they corrected title issues because the property was not foreclosed properly.
It seems to be something of a Catch-22, don't you think?