This is a good point. There are lots of intangibles during the multiple contract selection process. Size of check, reputation of lender, wording of preapproval letter, settlement date, number and scope of inspections and so on. Even the reputation of the agent is a decision in all the selection variables.
I was just reading the post by Margaret Rome about the multiple offers on her listing, and it reminded me that the best chance of winning a bidding war is to have a buyers agent with a good reputation who knows the market. An unrepresented buyer is usually the first bid I would throw out in a multiple offer situation.
Maybe I'm a little different, but a buyers agent with of history of getting his or her clients to the closing table really means something to me. In turn it will mean something to my sellers when I go through each offer that's presented. I usually tell me sellers that I want to work with the one who is most likely to close on time, because we will negotiate the price we want, after we decide who we want to work with.
We all know that unrepresented buyers think they can get a better deal, but in this market they get to watch from the sidelines.