Good question. Short sales can be frustrating. However, there are gooo buys out there and they tend to be in better condition for the buyer than foreclosures.
In some cases the listing agent and seller advertises they are only taking one offer to the bank. However, the bank can ask to see more offers. The seller/bank can accept any offer they wish.
I am assuming your offer was not accepted by the bank, maybe just the seller?
The seller or bank do not have to diclose the details of other offers. If your offer is the best however, the bank is not going to want to accept an inferior offer. So, this tells you something.
In some short sales the bank accepts no offers, thinking they would be better and receive a better offer, if the seller was out of the property. Usually, the bank is better off with a seller still in the property taking care of it.
May I wish you the best. In this market, I am confident you will find a good deal.
Jeff Masich, Realtor
Arizona Homes and Land