Bruce is exactly right. There can be one contract in first place and one back up contract.
As a listing agent, it is always my objective to attract multiple offers on a property. This creates a bidding war environment. When I receive the first offer, I will call other agents who have expressed interest in the property and let them know that we have received an offer. My hope is that it will move their client to action to also submit an offer. If we can get two or more in play at the same time, the outcome is usually better for the Seller.
As a Buyers agent, I extend offers that ask for a very quick response to keep the above scenario from happening. If my Buyers offer is the only offer in play, that tends to make the negotiation go better for the Buyer.
But at the end of the negotiations, there is only one contract that will get fully executed. The other party may wish to enter into a back-up position. If the first contract does not close, the back-up contract immediately moves into first place without the property going back to market.
If you have any further questions, please feel free to give me a call.
Keller Williams Dallas City Center