Recently, I had two homes under agreement within 2 weeks of each other under very similar circumstances. In both scenarios, I was representing the buyers, and both were caught in intense bidding situations. They were going to increase the price in the second round but before they had a chance to, the seller’s went ahead and accepted someone else’s offer! I told my buyer clients not to give up, and to submit backup offers anyways.
Then the next day, the other buyers of both transactions got cold feet and backed out! So my buyer clients were able to move forward with their backup offers!
While coincidental and miraculous, this story tells us that sellers should not rush to take their “best” offers right away! Besides looking at the best price, the sellers should evaluate the circumstances of each offer and how serious the buyers were based on their history and behavior. Some buyers had buyer’s remorse the next day. Only the experienced agents can read those signs in advance!