If it were an investment property I'd say follow ultradog's advice. Since you want to buy it to live in that's another story.
When was the most recent appraisal? In many areas of the country real estate values are still well below what they were before the meltdown. In my area they're up from the past few years but still 20-25% lower than they were in mid '08.
Do you know that the other offers are actually higher than your first offer?
If the appraisal is a year or less old, then if you really, really want the property then go ahead and make another offer.
Personally I'd probably withdraw my offer. I haven't heard of buyers starting at the asking price then bidding up from there for several years. It sure doesn't happen around here. I think the bank is just trying to squeeze more money out of you.
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Today's Featured Article - Talk of the Town: The Saga of Grandpa's Tractor - by The following saga is from the Tractor Talk Discussion Forum. Someone. The saga starts with the following message: Hey guys I have a decision to make. I know what you all will probably suggest and it will probably agree with me way down inside, but here it is. I have a picture blown up and framed in my "tractor room" of a Farmall M. It was my Grandpa's tractor, of which whom I never got to meet. He froze to death getting this tractor out of the barn to pull a truck out of the ditch before I was born. Anyway my dad and aunt had to sell it at the auction,
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