Shortsale offer accepted by seller. Lender is putting house up for auction for a backup offer. Concerned!!
My wife and I put in an offer on a shortsale. The offer was accepted by seller in a day. The house has been on the market for a year. We are only offer on the house. It has been 2 months and still waiting for lender/bank approval. We Received a call from our realtor telling us the bank is putting the house up for auction online for a four day period to get a back up offer. Should we be concerned about losing the house to another offer? Is this a common practice?