Please stay closely connected and make sure you are being presented as a buyer ,communication is very important ,I am a short sale specialist ,I have had happy closings due to my constant communication with all parties involved.Good luck HENA BROKER 760-251-2868
Although not recommended on Standard/Bank Owned/HUD's,etc...(As mentioned by the others) , I usually advise my buyers to continuing searching and writing offers when dealing with short sales,UNTIL, written acceptance is received.
Should you decide to move forward with another property while awaiting approval, please advise the sellers agent immediately as a courtesy.
I am not an attorney.
From my opinion hopefully you can derive questions to ask a real estate attorney to better understand your situation.
If you have contracts floating everywhere you can be bound to those contracts and possibly be committing a type of fraud if you cannot fulfill your promise bound by the contract
One contract at a time.
You can submit more than one at a time IF the Sellers know up front this is what you are doing this is called MULITPLE offers from a buyer.
Short sale or not.
If you read and understand the contract, you should never be involved in buying more than one home at a time UNLESS you can afford two homes.
Whomever gave you the advice and told you this, is wrong.
A professional such as a licensed agent should know better and NOT allow you to enter more than one contract at a time.
Buying a home Should not be with the intention of pulling out unless you find issues with said property.
Playing a game in a written contract with others such as sellers is can have consequences.
Many Brokers know that some agents play the game, and they contact people to take care of the matter later, ... such as the licensee who acted irresponsible are reported to the Department of Real Estate, Fraud cases are forwarded on to the District attorney office for the county and the state.
The seller of the short sale can also possibly sue you for acting in a fraudulent manor.
So before you think it is OK to sign your name to possibly committing FRAUD, the very least you can do is be smart and be moral.
That's just my opinion and heck I may be right.
After all there is a reason you asked the question right?
If you have already done something of the sort.
My Suggestion is go to the broker of the agent you are working with
ask to rescind the offers except the one.
If an agent suggested it is OK to do this It is obvious the agent who suggested you doing this is probably not thinking clearly.
Just do one at a time.