Short sales by definition are anything but short in duration!
Short sales are when a lender agrees to accept less than is owed on a mortgage or lien. In essence they are a settlement between the lender and the seller of a property for less than what is owed on the actual value of the home.
To achieve a short sale the buyer must be willing to wait for the negotiation process to work. On average this could mean waiting 60 to 90 days for the sellers lender to accept a legitimate offer.

If a bank accepts a short sale, this typically means the seller is taken out of foreclosure status and the ownership is transferred to the buyer.

Word to the wise! not all advertised prices on short sales are the price that the property will sell at. Many times the advertised price is not approved by the lender and are for marketing purposes only. The price should be at or near market value, but experience has taught me that this is not always the case. Everyone should speak to an experienced agent to set proper expectations in regards to offer price, and time frames.