Bidding Strategy Question

[Brant Hampton]

I made a low offer today in a B area of town on a neglected SFH. Immediately my agent told me that there were multiple bids and I had to resubmit my best and final offer by 5pm tomorrow. I really have a problem blind bidding against other investors and wish the bidding system was more transparent.

My question is can I bid "$x over the highest bidder" with an inspection clause?  In the worst case scenario if the winning bid is unreasonable I could back out.  My thinking is that this would give me the option to buy the property at the lowest possible price.

What if other investors in my area are making these kinds of bids?  I would never win a property in that case and would go out of business.  Is this frowned upon in the real estate world?