Two months ago, I closed a short sale and the approval process with BofA was 32 days! There was a second lien holder as well. When there is only one loan, they are moving faster. Another BofA file, where I represented the buyer was 70 days. Another buyer I represented with Wells Fargo, one loan, took 42 days.
In my opinion it is better with the bigger lenders and when there is only one lien. Condos seems to take longer if HOAs are behind. Countrywide originated loans seems to take awhile and Chase as a second lien holder seems to be challenging on certain notes.
The short sale was re-approved by B of A in 9 business days. There was a new negotiator, however, we offered the same as the previous approved offers. The seller's agent was on top of the process from day 1. We are now in escrow.
To be honest, I didn't think it was possible that the seller's agent could get an approval in the 2-3 weeks she talked about. I'm glad to be wrong this time.
Thanks everyone for your answers!
Fast Track can mean different things. It is possible what you are being told with the term "Fast Track"; a past Buyer's Offer fell through? All the Lender might need to move forward and approve the short sale, is the new offer from you, the Buyer.
I would have your agent contact the Listing Broker and ask them what "Fast Track" means.
You should have your answer by a better source then us here speculating the meaning of "Fast Track" in your situation.
I hope this helps.