I hope this helps. If you need more information, let me know, I'd be happy to help.
Tina Evans, Broker
LUAN REALTY GROUP
So anyway, I'm not quite sure how they are in Murfreesboro, TN but around here they don't accept multiple offers in a short sale after the homeowner accepted. But the moral to my story is.....make sure your financing is all in order and ready to go because when the bank accepts the offer you don't have much time for whatever reason, in my situation was property taxes. If I wouldn't have found the wonderful people at Mac-Claire Mortgage I would have lost my dream house.
I hope I helped even a little bit, I do know how frustrating and confusing this(short sale process) all could be for you.
If you have any questions don't hesitate to ask, I'm no professional, I can only go by personal experience.
The not so short asnwer is this...and I speak from experience with this issue in Murfreesboro, the listing agent of the short sale has the option on whether to continue taking offers after one has been accepted. Here at John Jones Real Estate, our policy is to present all offers until one is accepted at which point we discontinue accepting them. However, some agents keep on taking offers in a short sale situation, but only one can be accepted at a time, the others must be backups.
The seller can accept only one offer, while the buyer can make offers all around town if they wish. Consider it like this. The seller only has one property while the buyer, in essence, can purchase as many properties as they wish. The trouble comes when they have more binding agreements than they can afford.
I also know from experience a buyer can withdraw an accepted offer prior to it becoming "binding" (which is only at the banks' approval) in Tennessee. We sometimes see this with buyers who don't have agents to steer them away from this inappropriate approach. It works much like a contingency that gives the buyer an out.
The property diesn't have to moved to pending status until there is a binding agreement on the property. Having been signed of on by all parties.