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Your buyer agent has a vested interest in making sure you get the deal closed. They get a commission only when it closes. So if you are not in first position, it would be in their interest to get you shopping for other houses. I can't imagine they would not tell you if you were no longer in first position.
Here, the seller signs the offer along with a short sale addendum that states all timelines begin with lender approval. It would be a violation of the contract to put someone else in 1st position. Do you have a signed offer back?
The seller has signed the contract as well... if that is what you're asking. My agent (who also happens on working for the selling broker's office) *has* been saying that we should get more than one iron in the fire (look for and offer on other properties)... which would be a good idea if there was anything that was good.
Many agents will tell you to keep looking when you are waiting on a short sale. There is a lot of uncertainty and if something comes up that you like as well or better, you might want to move forward with that property.
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