Bought a house in SF last year. We lost two offers before securing this place. Both of the lost offers followed this pattern: 1. Set a bid due date 2. Ask thre

Bought a house in SF last year. We lost two offers before securing this place. Both of the lost offers followed this pattern: 1. Set a bid due date 2. Ask three best offers for their "Best Final Offer" 3. We increased our offer (50k 1st case which was generous, 150k second case) 4. Lost, move on to the next showing. In the second case our BFO was 400k over asking, ultimate winner offered 600k over asking. Insanity. When I sold my house in TX I also did the same: got two offers almost immediately after putting it on the market, so we went back to the buyers and asked for BFO. Both increased their offers. Funny enough for our third winning offer we saw it the day before the Open House (which just started being allowed again) and put in our offer the day of the Open House. Won for around 50k over asking. I'm not 100% sure but from what I gathered an investor who wanted to rent it as an upstairs/downstairs duplex offered more but they wanted to sell to another family so they took our offer without asking for more money. I was very thankful for that - if they had come back asking for better offers we'd have walked.