I lost to a lower offer???? How does that work?

[Jeffrey Enkey]

I was negotiating a price on a house and just before the offer was accepted I was told someone else made another higher offer. Or so I thought....I offered 200K and was told that the other offer was higher and I lost the house. Now the house is back up for sale and if found out that the buyer paid 157K. This is from the county records. Also this was a bank owned house not an individual so I don't think there was cash under the table to make this happen. Is there something I'm missing?

[JD Martin]

Depends on the details of the other offer. Perhaps it was cash. Perhaps there was more earnest money. Perhaps they doubted your ability to close the deal. Perhaps the other party waived all contingencies.

I have been lower and beat out some other people before because I generally pay cash and can close.