The seller is in contract with the buyer. The bank has last say to whether they will accept that offer. The seller has a right to accept or reject any offers. Including yours. The problem exists once a contract is submitted to a bank there goes with it a specific package for that offer. Once the bank begins it decision process that process will take time to process. When the bank rejects or should i say if the bank rejects, then new offers can be entertained. Again it is totally up to the seller to accept your offer.
The you may ask why are back up offers accepted? Answer, Many buyers continue looking for other homes while waiting for a short sale decision. Sometimes buyers back out of their obligation which is generally a contingent contract anyway. Not advisable to do...legally! Hence a back up offer will be looked at... Other reasons could be dealing with deficiency, concessions, first buyer "low balled the offer", back up buyer may be better qualified. Again it is up to the seller not the agent or the bank at that point. there are a host of other reasons that could be cause a seller to accept a back up offer and submit it. the process starts all over again at that point. Making your offer better is good practice for buyer agents.
There is a process a bank could want to use; highest and best and will be advertised as such, but rarely used. Of course it is always understood while accepting offers accepting the highest and best would be entertained. But once a package is submitted, it is submitted and the process to accept by the bank has already begun.
If you don't want to wait, look for another property. Escrowed deposits on back up offers should be handled differently also.
If the bank does not accept the 1st offer yours should be then given, considering counters from the bank are not accepted.
If I can help you find short sales in Marlton or any other area in Burlington, Camden or Gloucester Counties let me know.
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