You have gotten some great information, and some completely WRONG information, in this question.
First of all, Emily is COMPLETELY wrong when she says there are no "pre-approved" short sales. Terms are always subject to negotiation, but price is often already approved by the bank. Kathleen is wrong in her presumption that short sales take about 6 months. A well negotiated short sale with all parties cooperating should tale 15-45 days in today's climate. I've done it in 1 day, 17 days, and average 28 days.
Assuming the seller is cooperating with the bank, and has supplied all the necessary documents, then one of several things may have gone wrong.
1. If this file is being negotiated thru Equator, I've seen the file get stuck because the previous file was never rejected, and so remains "blocking" the new file.
2. Also in Equator, if the lender offers an automatic scrubbing for HAFA, (hence the term pre-approved) and the file does not qualify, the property can get stuck in the HAFA arm of the lender, without being transferred back to regular short sales. This is a common software issue in B of A's back channels.
3. You lost your initial negotiator, and now no one is reassigned.
All of the above, and most other problems, can be fixed by getting the file escalated to a manager or senior negotiator. This is not the time to simply "hang in there". THE SQUEAKY WHEEL GETS THE GREASE! The listing agent needs to get on the phone and stay on the phone, moving the file up the food chain until a resolution is reached. This is not a time to be nice or timid. Do not hang up until someone solves the problem.
How can you help? Write a letter to the listing agent and INSIST they pass it on to the lender. Use terms like "speak to the media" and "complain to senior management" if your concerns are not addressed. Lenders respond to this.
Allan gives a great response when he suggests you get the file escalated. Contrary to what others say, an escalation will not extend approval time.
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