Since the sellers technically own the home, it is their ultimate decision which offer to sign (that is if there is more than one offer on the table simultaneously). Once both parties signs, it becomes a contract, except now, the Bank will make the final decision to either accept, reject, or counter. All types of considerations are made from a Sellers perspective, paying close attention to financing. If you are NOT chosen as the initial offer, keep your eye on the property, and its activity on the MLS, and check on the status periodically. Many times the initial offer is withdrawn, and the house becomes available again. Let the selling agent know your interest and keep yours as a back up offer, and to contact you & your agent if there is any change in status. Short sales require patience from buyers, and their attorneys should have a good handle on how the process works.
Coldwell Banker Residential Brokerage