USA Today has a telling piece regarding short sales on line: Short sales, long waits: Buyers and sellers find process frustrating. The article focuses on the residential side, but does provide some insight into the process as it might apply to commercial transactions. The main difference I see is the role that mortgage insurance evidently plays in a consumer short sale.
I'll be speaking briefly about short sales at an Indianapolis continuing legal education seminar on October 10, 2011. Here's a link to the program. I touched upon short sales, in the UCC context, on December 7, 2010.