Best and final offers?

[Andrea Castor]

Still new to REI, but feeling frustrated today. I know we can't win them all but still.

We bid on a bank owned property the first day it hit the market. Husband wanted to start low ($52k cash for $59,900 asking price) with ARV around $116k. I wanted to put in out REAL.offer of $59k we were willing to pay. Our realtor figured they would get multiple offers, the bank would ask for best and final.offers, then we could go to our $59k max.

Today we found out bank got multiple offers, all very close, but ours was not chosen. I'm obviously disappointed because we wanted to pay more. Is it typical to just choose one of the offers or more typical the banks give everyone another chance? Just trying to learn fornthe next time....