Hello Monica,
It can depend on the bank. Wachovia, for example, is a whole different ballgame from Bank of America. Generally speaking, most sellers enter into a purchase agreement with a buyer. However, when the bank finally reviews the file, they may 'counter', accept or reject the offer. If they reject or counter and there are backup offers that meet bank terms, the original offeror may be out of luck.
If you are interested in short sales, consider working with a qualified agent.
Kindest Regards,
Vickie Nagy, Realtor, Keller Williams Realty
Certified Distressed Property Expert
PreForeclosure Specialist Certified
925.407.7987 - Yesterday, 21:34