Did I get hustled?

[Tom M.]

I am a first time homebuyer and have been looking for about a year now for a good foreclosure to buy low and finally found the right one in our price range. I saw it the morning it came on MLS and called my realtor to look at it the next day (Saturday) and write an offer. The home seems to be a steal, only 9 years old over 2k square foot 2 story home on 3 wooded acres in rural ohio, sweet modern floor plan, 2 car attached garage, poured foundation and full basement....full of water that has ruined the furnace and hot water heater. From what I can tell this is more a result of our wet spring and having the electric off and sump pump not kicking on than any structural problem. Yard needs better drainage to get water away from home but I can get this done easily. Home sold for 170k back in 02 asking price 97,700 plus 3% buyer credit. As is must have proof of funds and 1k EM.

I offered full price with 20% down, declined the buyer credit, and offered to pay all closing costs. Offer contingent on inspection. I felt like this was a slam dunk at the time on Saturday. On Monday while I was getting my proof of funds letter my realtor called the listing agent and was told there were 5 other offers. Seller faxed my agent a form for me to sign with offer saying I knew there were multiple offers and chose to keep my offer the same. I signed and returned.

I talk to my realtor this afternoon and she tells me they must have all offers on the table by 5pm and will decide tomorrow. She says my offer is strong but if someone comes in a bit over asking price I could lose it, she thinks the list agent has already passed the property around to her investor friends and wants to sell to them. I told her to increase my offer to 99.
Did I get hustled for an extra 1300 bucks being too eager or did I make a possible good move? I figured a little extra if it could be the difference maker would be worth it for a home I could spend a lot of years in.