Another offer rejected! SF Bay Area is rough!!!

[Calvin Kwan]

So I'm trying to land my first deal and I find this great duplex vacant in Oakland.  Asking price is within my budget so I offer 5% above asking.  Selling agent comes back with a counter at 22% above asking with removal of appraisal and other contingencies.  They also let me agent know there were 14 offers, 2 being all cash.  Apparently they sent the counter offer to everyone.

Anyway, I go up from what i already thought was a strong offer to 12% above asking and removed the appraisal contingency.  Still no dice... i lose the deal.  My agent ran the comps and this duplex is not worth the buyer counter price, or even my counter price.  I'm a bit shocked that competition is so fierce and prices are so crazy.  I'm also left wondering if I should just wait until the market cools down a bit (if it ever does)...

Just wanted to vent.  I'm sure as I submit more offers, i'll get used to this feeling.