The time it takes for a short sale is differnt in every situation. It depends on how many loans there are on the property and who they are with. If there is more than one loan it could take up to 6 months easily to be approved. But if there is only one loan with B of A, it can be between 2-4 months. There are still no guarantees and if you get a negotiator that has too many files or if he/she is not very responsive, it can take a lot longer.
I am representing a seller right now who has one loan with B of A . We are just getting started on marketing the home. The short sale process will be started once I get an offer on the property and I am sure we can get it closed soon. Make sure the agent you go with has experience with short sales. They have to call the bank at least 2wice a week if not more to follow up. If they don't do that, the process will be very long.