As an example, in 1 of the 2 short sales I have in escrow, the bank came back with a counter offer after the home owner accepted, but before the bank appraisal was done. The owner had accepted the offer, but the bank had not. So, the lender had not accepted the offer. According to the Short Sale Addendum we use, time lines for escrow do not start until the bank or lender accepts.
In Honolulu, we would most likely change it to Active Continue to Show, if the home owner had accepted, but the bank had not. That signals that it is not going to close within 30 days, which is what we typically use for Pending. In any case, your agent needs to stay on top of it, or you need to keep in close contact with the listing agent to get available updates.