Real Estate Bidding Process

In a bidding war, the terms of all offers are kept confidential between the seller, their agent and each individual buyer and their respective agent. 

All offers are usually presented separately, but in one session, and normally in the same order as they were registered with the listing brokerage. The seller's agent should allow each buyer rep to present their client's offer. By doing so, the seller's agent can question the buyer agent about their client's offer and obtain valuable information to assist the seller to fairly compare and choose wisely between the multiple bids.

After an individual presentation, the buyer agent is asked to leave the presentation room, with the listing agent retaining a copy of the offer. Each buyer agent is permitted the same opportunity and this continues until all competing bids have been presented.
Then, with the guidance of the listing agent, with a copy of each of the competing bids spread before them, the seller makes a decision. Typically, but not always, the seller will be advised to return all offers to the respective agents with the instruction to ask their buyers to ...

Improve Their Offers

Thus, everyone is given a second chance. And when all offers are re-registered, the entire process begins again. After consultation with the listing agent, the seller usually accepts what they perceive to be the best offer.

Aside from increasing the offer price, there are other  Options Available to a Buyer

... to increase the attractiveness of their offer. If a buyer is comfortable with doing so, conditions may be removed from their offer, a closing date altered to comply with a seller's preference, chattels could be excluded, seller requirements eliminated or deposits increased. Usually, though, it comes down to ... 

Conditions and Price

Sometimes, the seller may simply reject what they perceive to be the worst offers and work with only the top few. A seller may retain some offers, provided the irrevocable dates allow it, and counter-offer to that buyer. If that buyer accepts that seller offer, the deal is done. If not, the seller may counter the next one, being wary of irrevocable dates and times to avoid the possibility of committing to more than one buyer. A seller will usually continue this process until one is accepted by a buyer.