It depends if it is a "Short Sale", REO (bank owned) or a regular sell.
In this market we are getting multiple offers. If it is a "Short Sale" it is up to the Seller to choose and offer. The agent will set a time to present offers to the seller. This time is set by the agent and the seller. If it is an REO the agent will collect offers and present to the bank at the time set by the bank. The Bank will choose the offer. If it is a regular sale the Agent and Seller will decide when
to present the offers. At which time the seller will choose the buyer.
If you have anymore questions, please give me a call.