Not if I am the listing agent! First, the seller and I make a decision to only accept reasonable offers. Then, when one comes in, it is the only one turned into the bank for consideration. Anything else is a BACK-UP offer. Just like it would be if there were no bank approval needed.
This is what is fair to both the buyer and the seller. On average a buyer waits 4 months to close here. It is not "fair" to kick them out. Second, with many banks, the whole process starts over with a new offer delaying the lender's decision. The "seller" in a short sale is usually "in trouble" and cannot keep starting over and waiting for an answer.
Now the second part of your question, Is the property off the map until a decision is made? Yes and no. There will be no more offers turned into the bank for consideration until yours is considered. However, as an agent, I will still market and if someone is interested--show the property but, again any offer is considered a back-up offer to yours. I have had a "HOT" property with 4 back-up offers and the first buyer walked. Each offer was contacted and all had found other properties except those in fouth position--they got the house! So, sometimes good things do come to those that wait.
Also, realize that I work for the seller, not their lender. My job is to get the process completed for the seller. That does, however, include getting an agreement by the bank. But, if you start off with a reasonable offer you are half way there!
Judy Ramage, ReMax Realty Team, Cape Coral, FL