Short Sale-What to expect?

[Jodi M.]

We wrote an offer tonight on a house listed on the MLS as being subject to short sale approval. It states that the selling price will be approved by the lender within 48hrs. If we agree on a price with the owner what should we expect from the lender? My agent wrote it for a 60 day closing but I've heard it can take up to 6 months or more. What are the lenders looking for in the offer and what are the chances of closing in the 60 days? Thanks in advance for any ideas.