While I understand your strategy of a two-hour window of acceptance is/was designed to prevent multiple bids and an ensuing bidding war - you are/were if fact setting yourself up to fail. People don't like being "strong armed" and many will automatically reject, unless (of course) your offer contains the sun, the moon and the stars...all the stars, every single one. Good luck to you!
But I'm wondering - did you sign an offer with a two hour window, or not? If not . . .
All this because you think that for some reason, your (low) offer with a 2-hour binding acceptance is going to get the Seller so excited that they will just sign it on the spot.
The Seller is every bit as excited about the prospect of a bidding war as you are worried. Unless they are living in a cave, they know there is a shortage of inventory, that rates are low, that Spring is right around the corner. They know EXACTLY how many showings they have had this week. But most importantly: they have been out looking for their NEW HOUSE and they know how hard it is to buy.
So, this well-informed Seller is supposed to just pounce on your lowball offer like it is the only one in town? Maybe, just maybe, your agent was letting the Seller know that another offer was coming and that for yours to even be considered the Seller should wait.
Just another comment on multiple offers. I noted a comment from an agent in Georgia about the rules in her state requiring highest and best. That is not a law in Wisconsin (or even a usual way of doing offers in my area) . The Seller can accept, reject, or counter any offer in any manner they choose, no matter the order it was received or the quality of the offer. They can respond to one, some or all of the offers received at their choice. A Seller does not need to respond to, or act on, any offer for any reason as long as they are not discriminating. Asking for highest and best might be a valid option to get all buyers to come up to their top dollar. However, I do not want a buyer to think they will get a second chance if their offer isn't the best because a lot of times that will not be what happen !!!