In a seller’s market, property tends to go pending quickly, (usually over the weekend) throughout the Denver metro area. When viewing a home the emotions are running high, and if decisions are made quickly, they may be made by the heart, not with the brain.
We are seeing properties coming back on the market within a week or sooner in some cases. (We currently are seeing a 38% fall-out rate) I have in the past asked listing agents to contact me if their listing should fall, but now will write a backup offer if their offer was in 2nd or 3rd place. There also have been multiple offers sending prices higher than list price, and appraisals coming in below contract price and buyers are bringing crazy money to fill in the appraisal gap. It is good to have a backup in place, and not have to compete again if the property terminates with the first buyer.
I was a full-time REALTOR® back in the late 90's when Denver was in a HOT market, and properties would get multiple offers, and we are again seeing this --- we have come full circle and even more so right now!