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 - The 8N and the Fox - by Zane Sherman. Dec. 13 1998, Renfroe, Alabama. Last niht I dreamed about the day that I plowed the field of about 10 acres over on what Jimmy and Dandy called the Ledbetter field. I was driving the 1948 8N Ford tractor that Jimmy bought in 48 new This was prebably in about 1951 and maybe even befor the house was built. This would have made me to be about16 years old and I drove the tractor for nothing and would have paid to drive it if I had had any money which I didn't, but neit
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