Keep looking and don't put all your eggs in one basket. If they didn't respond, they probably don't like the offer. Shift your attention to looking at other homes and if it comes back around to you then that's great, if not, you are not waiting by the phone. (I'm assuming you've tried to get an answer from your agent already.)
If you put in a very low offer they may not even acknowledge it. Just see if the listing agent did indeed receive it and if so, then maybe she or he can clue you into what is going on with the property/sellers.
If I can be of any help please let me know. :)
Depending on how long you put your offer in, your agent should make contact with the listing agent to 1) make sure they received your offer and 2) to get any updates as to what is going on. When you find that out from your agent then you'll know which direction you'll want to go, as in, sticking around or move on and start looking at more homes. There could possibly be a few things going on with the seller and mortgage company but your agent should speak to the listing agent to get that information for you.
Good luck and hopefully you'll get the answers you need and if things don't work out for you I'd be more than happy to help you.
Recommend keep looking, try to resolve these issues
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
regardless of the reasons for their silence it is very poor professional courtesy for the sellers agent, if they have one, to leave you hanging.
if the sellers agent is inexperienced they may be just now collecting the documents that the lender will want from the seller to consider their request for a short.
you also may find that the agent has a practice of not formally accepting offers and simply submitting unexecuted pro-forma's to the lender. this is aggravating and is a waste of your time. it is the sign of an incompetent agent.
you may also learn that the agent is submitting multiple offers to the lender and letting the lender drive the bus as regards the sale. it's important to remember that the seller is still the owner and is the one who agrees to sales terms. you should insist that your offer be formally accepted subject to the lenders consent to the short payoff.
the topic you raise is a recurring theme and one of the reasons why many buyers make as many offers as they feel like...many times without disclosing that fact to the sellers. many agents have decided that their obligation to their clients is greater than their obligation to sellers and their agents.
Short sale asking prices are normally based on a price that the seller hopes their lender will accept. They are likely processing this information before accepting or countering an offer. Our recommendation....be patient, you should hear something soon.