Be prepared for a lengthy waiting period.
Even if you're well organized and have all the documents in place, short sales can still be a long process. Waiting for your lender’s review of the short-sale package can take several weeks or even months. The length varies by lender and location, but these benchmarks can put your situation in perspective:
Your real estate professional and attorney, with your authorization, can work with your lender’s loss mitigation department on your behalf to prepare the proper documentation and speed the process along.
When the bank does respond… it can approve the short sale, make a counteroffer, or deny the short sale. The last two actions can lengthen the process or put you back at square one.
Don't expect a short sale to solve your financial problems.
Here are some post-short sale conditions to keep in mind: