There are several variables in a foreclosure or short sale. It's somewhat of a Wild West mentality, because bands have a tendency to make up their own rules.
1) You will not find out the accepted offer until after the deal closes. There are usually contingencies, and too many things can go wrong before close for the offer to be disclosed.
2) All the other multiple offers would be considered back-up offers. Since you never know what price, terms, etc. are in the other offers, your's has a chance to be the best if it is the 'cleanest.'
3) This 'silent auction' approach is becoming increasingly common. It is simple supply and demand, and commanding a sales price that the market will bear. In this situation, perhaps the bank just wants the home off the market and off the books without going through another Michigan winter of carrying costs.
Hope my answer was helpful. I'd be happy to help with any other questions.
(734)-678-9032. Good luck with your purchase!