My house was on MLS for a total of 4 hours before receiving a full price cash offer with no contingencies. I was hoping for a bidding war, but have found out that in IA if you receive a full price offer with no contingencies you're required to accept it. So basically, while I bumped the price really really high, I priced it too low. Regardless, I'm pretty happy it sold.
Man if that were the law in some states you'd have two minute listings or you'd have people listing for 70% over market value.