Shortsales a bit more complicated than a traditional transaction, it can take a few weeks to a few months, depends on investor requirements, PMI (Primary Mortage Insurance) this is when a buyer puts less than 20% down they also need to approve the Shortsale. The seller and the buyer have to accept the offer, then the Realtor gets the updated information needed from seller that the lender requires, or if they have a 2nd mortgage, submits them to one or to both lenders. The file is assigned to a negotiator, they will order an appraisal on the home, then they have to have to submit the appraisal to the investor ( fannie mae, FHA, or any of the over 500+ investors) for review, The investor may counter or accept the offer. If accepted, then the shortsale approval is issued. It is imperative that you hire an "Experienced" Realtor ( has completed a minumum of 50 shortsales) Is a CDPE (Certified Distressed Property Expert). I recommend asking for references 2 current clients, and 2 previous clients. I hope I have helped you. Good luck!
Cindy Keil CDPE