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Transparency in Bidding Wars? What a Concept
Let me just start by saying that I hate bidding wars, whether I’m representing a buyer or a seller.  And one reason is that the entire process is so prone to shenanigans. 
In my area, a listing will typically come on the market on a Thursday or Friday, and the price is often a little below market value.  The MRIS information will let  everyone know that they will look at contracts, usually Tuesday or Wednesday of the following week.  
As soon as I walk in the door, I have a pretty good idea of how it will all go down.  Assuming the place is well-located, professionally staged, in decent condition and priced on the nose, a bidding war is a distinct possibility.
I’ll show it on Day One.  And if the buyers like it a lot, I’ll try a pre-emptive offer (also known as the “bully offer”) that’s clean and generally too good to pass up.  And it will have a deadline, usually requiring an answer by the next morning.  And it very often works.  
But what if it doesn't?
Often, we have a Plan B, and we're off to the next place.  But if not, and if the buyers really want the house, ... more

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