sdr`does more shorts then I but here is my experience.
Currently I have two short sales listed. Both of them are excruciating. We have been at it about 7 weeks now. One is very close to acceptance by both lenders and the other is not. I have had to have alot of contact with each lender for each transaction.
********
The answer to your number 1 question is not much. Has the property been moved to contingent status or not? If your offer was accepted by the seller then it should be in contingent status. If not then you are the highest offer for now but you can be hopscotched. However it consumes time when new offers are shot into the lender. What you do not know is will the listing agent collect offers and then when the negotiator is on the cusp of accepting yours, will the LA tell the negotiator oh I have some more offers.
Number 2 question it is standard to submit 1 offer.
One of the MLS rules for contingent status state that if the offer is accepted by the seller and sent into the lender then the property should be in contingent status.
However there are other provisions for when a property shall be moved to contingent status. Your agent should be able to quote them to you.
While your offer is the highest and best it doesnt sound like it is accepted by the sellers yet. That is what you can do to add some security to your position. I would focus on that immediately if it is not already done.
