Typically the lender will work with one potential buyer at a time. Right now I have short sale listings with Bank of America, Wells Fargo, Chase and Citi Mortgage. All banks really want as much as they can get for any listing... just like you would. While cash is advisable most banks will take the extra cash and go with the highest offer.
With my listings the bank will typically negotiate with one buyer at a time. Once negotiations stop I go with the next offer. Eventually the bank will tell me what they will accept but that depends on the financing involved and the investor. Sometimes you get this right away and sometimes they want me to list the price accordingly to my market analysis.
I am not sure what the agent was trying to convey to you. If there is an offer it is being reviewed by the bank and it's investors currently so there is not much else you can do unless this deal does not move forward.
Make sure you are working with a good experienced agent as short sales can be tricky. You should be having this conversation with your agent as the listing agent represents one person... in seller.
Best of luck to you.
REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
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