I agree with Martin that patience and persistence is of upmost importance. My team had mutiple offers on one of our short sales. The bank rejected them all and asked all interested parties to resubmit their best and highest offers. Then the still waited a couple weeks to see if other offers would come in before finally accepting one. Now it's been two months since that time to even get the appraisal. Hopefully, we will close end of May. If one is renting, it's best to go to month-to-month as you wait for one of these short sales to close.
Banks are a peculiar business. There is simply no time frame for them (or so it seems) when there's interest on a property. Even if your offer has a "time limit" for acceptance, they tend to overlook it and proceed at their own pace.
For example: recently I submitted an offer on a bank-owned home the day after it came on the market. I offered $215K for a home listed at $195K......yes, $20K more than list, because I knew they had multiple offers and it was still a great deal. They had 4 different offers and, this time, they acted pretty quickly - within 4 days accepting an offer for $200K. Why not mine? The other offer had more earnest money (I could have put more, but only put $2500 earnest money on the contract). Go figure, but the bank took $15,000 LESS than my offer......Lesson learned.
Best advice? Be persistent, dont be attached to the property, and keep going after it or others. There ARE deals to be had, but you have competition and each bank acts in their own time frame.
All the best!
In other words, if it takes 2 months for a bank to make a decision, offers can still come into the bank up to the last week or so before a decision is made? Or, at some point: (1 month? after 5 offers?, an offer over list price, etc.) does the seller decide he/she has enough offers to give to the bank and stops accepting more offers? I hope my question makes sense.