When a home owner is behind on payments and owes more on their property than the property is worth, the seller can ask the bank or lender for approval to do a short sale. The home owner should then hire a realtor who is experienced with short sales to represent them and to communicate with the lender through the process. Once a contract offer from a buyer is accepted by the seller, then the contract must be sent to the lender for final approval. Getting the final answer from the bank can take from 60 days to a year. To sum it up, short sales can take a long time to close. Buyers should also have a realtor exprerienced in short sales to represent them and to educate them on the process. It can become a stressful event for the buyer if they become anxious or are in a hurry to close. Buyers who are in a hurry to buy should not consider a property that is under short sale.