No such thing as average length to receive approval for a short sale.
It all depends on:
1. Who is the lender -- some loans, such as those from Wachovia, are processed fairly quickly
2. Is there more than one lender
3. How much is still owed
4. What stage of pre-foreclosure --- no trustee sale yet, right?
5. Is offer close to market value
6. Is listing agent knowledgeable and experienced about short sale
7. Is the short sale package submitted to the short sale lenders complete
8. Does your offer match or comes close to the BPO (Broker's Price Opinion performed by the short sale lender's selected representative/agent to evaluate the market value of property and compare it to the offer
We all hope for 45 days or sooner from the time the offer is accepted by the seller...but more realistic would be 60-90 days.
And there's NO guarantee the short sale will be approved either.