The approval time for short sales has been decreased to 60-90 days in most cases. As a seller you can create an account on their website, upload the necessary documents: the short sale package, your bank statements, any authorization for third parties, and a hardship letter. The Bank will alert you and your agent after the short sale is initiated with the Bank. At this point you are to upload financial information for the short sale. Any other lien holders are contacted as well.
Once they have received all the documents that they need, then they will begin the approval process and order an appraisal on the property to ensure the offer is in accordance with the market value of the property. If everything looks good, then they will approve the short sale. The actual closing normally occurs within 30-45 days afterwards.