Fake multiple offers

[Andre Davis]

I'm a newbie and I'm looking at property that I put an offer on last Monday, then they came back and asked for "highest and best" by Saturday at 2pm. It's now Tuesday and there is still no feedback from the seller's agent. I offered about $30K on a $27.5k listing financed with a hard money loan. How do I know I'm not bidding against myself? Is there regulation around this issue? Is the hard money an issue, because they asked if it was subject to an appraisal, which indicated that they don't know how a hard money loan works. Please advise.