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If a short sale property had an offer on it before my offer was placed, would that speed up the process?

The previous bid was below cost and my bid is at cost. Also, I a new to the short sale process so any additional information you can provide would be appreciated.

Public Comments

1. Yes, the earlier offer would speed things up a bit. The key component of the short sale does not involve the buyer. The bank is losing money. Based on your offer, they will know exactly how much they are losing. That is when they ask the seller for an updated financial statement ( similar to the loan application the sellers filled out when they got the loan). The bank wants to decide if the sellers are in a position to help make up part of the shortfall. If the sellers borrowed $100,000 , and still have $10,000 left from that loan, the bank might ask the sellers to return the money. This is a tough time. The seller might refuse. If the bank feels like the seller is not being cooperative, the bank might cancel the short sale. Which means that you wasted a lot of your time. It is smart to ask the sellers if they are prepared to contribute anything to the "short" amount. If they say NO, be warned that your sale might not close.
2. I agree with Ed Atun. If sellers are not ready then you have wasted a precious time of yours. I think in this case you need an advice of expert who can manage all the things wisely.You need a proper commercial property management company who can deal with sale or lease of your real estate properties. I know team of experts who helped me a lot for Florida commercial property management & warehouse for sale in Florida..You should try there..It will be really useful...