It typically takes up to 45 days for bank owned and up to 60 days to 3 months for a short sale depending on the bank, Wells Fargo and Bank of America are doing much better with their short sales.
It's about the bank, have your agent research the bank the property is listed with and the experience and knowledge of the listing agent.
You should select an agent who has experience and knowledge working with bank owned and short sales, contact me to discover mine, click on my picture to be redirected to my profile located here on Trulia then look for my contact infomation.
Hope this helps and good luck,
GRI, ePRO, Real Estate Broker & Realtor
Community and Family Values