That is a very good question. How long do you have to wait. It could be months. BofA holds all of the cards and you get to sit and wait. When you do get the green light to close from BofA you only have so many days to close. If you miss the closing window you get to sit back and wait until they (BofA) get around again to approve the short sale. I had a client in GA that waited 6 months before we could close on the home that they put an offer on, and we had the only offer on the table. The banks are not really in a big hurry to close on a short sale. It is my opinion that the bank is waiting to see if they can bring anymore offers to the table with a higher sale price. It has been my experience when the bank sends an appraiser out to the property to get the appraisal for the bank selling the property you could be about 60 days out from approval.