I'm not sure why you keep bringing up selling to the first offer and zero arbitrage. goatherders and I both described working with multiple buyers, and that fi

I'm not sure why you keep bringing up selling to the first offer and zero arbitrage. goatherders and I both described working with multiple buyers, and that finding the right buyer (that is, the one who will pay you $1,000 more than some other buyer) requires time and effort. When considering whether to accept an offer on the table or hold out for a better offer, the seller implicitly or explicitly considers the transaction costs (search, delay, processing, risk, privacy, etc.). This implies non-zero arbitrage, multiple offers, and market inefficiency.