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Short sales can be quite confusing. Banks have been known to discount 90% to 40% of the value but each case is different. These days, they have way to many non-performing loans than they know what to do with. As a buyer you would be working closely with your real estate agent. If you are working with the seller’s agent, be aware that you are not being fully represented as they are a member of NAR which has certain obligations to both parties. The negotiating part of the short sale can take 2 weeks or much longer (which is more normal)…it just depends. Although, there is a lot of paper work that the bank will need.
Each lender has different policies and approach each situation differently when it comes to short sales.