When both parties, seller and buyer, agree on the terms of a contract there is no need to continue marketing the property. The listing agency puts then the property off the market ,and it goes under contract or the pending category.
On the case of a short sale which is subject to the approval from the seller's lender it usually takes time to get an answer from the bank. If it's a local bank it may be faster than with one from out of the area.
My question to you is has the offer you submitted been approved by the seller and then by the lender. That could happened if the short sale was already pre-approved by the bank, the contact from the bank is quick in responding, and with a cash offer it might make the offer more attractive. If not, it could be that there was another offer before yours.
Just ask your Realtor to find out. Best wishes! - Sun Nov 8 2009, 05:36