I have dealt with banks (in this case the seller of the foreclosed homes) that have addendums that state that they will negotiate more than one offer at a time, and even if you accept their counter offer it does not necessarily mean that you have an accepted contract on the home. The addendums state that they have not officially accepted your offer until the contracts are officially signed by BOTH sides and during the time you are waiting for those signatures they can accept another offer that they were also negotiating. So nothing is official until you receive those signatures. Read your addendums, it is the source of all information. Good luck!

Jackie

They can consider many offers but only take one active contract at a time.
They can also take backup offers, that line up behind contract #1.

This is not limited to banks, but all sellers.

HUD homes are a good example. They may get 50-75 offers on one home, but only accept the highest and best offer.

they may have multiple offers, but they will only accept one.

There will usually be several offers the same property, but only one will be accepted.