I think the greater part of wisdom is to never burn the bridge you're standing
on. That makes sense to me. How about you? When a real estate market begins to heat up, it's not unusual to have multiple contract situations happen. Buyers will create crazy contracts to be the winning bid. Sometimes, it works out and everyone is happy, and sometimes it doesn't and the seller is not happy.
There are two ways to approach a bidding war when the winning contract fails to continue. A smart listing agent knows that some contracts fall apart for a variety of reasons. He always has a Plan B, and it's at that time that he will skillfully and graciously return to previous bidders to see if there is still interest in the property.
A talented listing agent is going to keep a list of the bidders, their offers and their buyer's agent's phone number and email address. When offers come in, he will quickly thank all bidders for their interest and assure them that if anything happens with the accepted contract he will reach out to them.
The other way to work with a multiple bid situation is to blow off the losing bids, mock the offers, take the bid with the highest dollar amount regardless of the contingencies and ignore the buyer's agents who ask for updates and requests for a contact if something goes wrong. Burn the bridge you're standing on so that you cannot go back to previous bidders, and you have to bring the property back to market after weeks off of the market. Ignore the fact that you have a handful of buyers who are ready to follow through on their original contract offer.
The first agent is always putting his client first in the selling process. The second agent is doing something I don't understand. A listing agent can keep a contentious bidding war from becoming a stone wall that's erected between potential buyers and a seller. Things happen with contracts. It is important to keep that bridge open for a return to a previous bid. Don't ever burn the bridge you're standing on.
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