Recently I unsuccesfully tried to buy a house in Brisbane. After the first open I submitted an offer that I thought was at the low end of market value: a reasonable offer that showed I was serious that also allowed me some room to move in later negotiations. The agent said they would keep my offer in mind but they would be considering offers with the owner several days later (after a mid-week open). On the Thursday after the open I was phoned around mid-day by the agent saying there were several offers in play and that I could submit a final offer before the owners considered all offers at 4:30pm that afternoon. I increased my offer on the phone right away. This is where I think I made a mistake. The agent could now use my increased offer in the 4 hours until the meeting with the owners as leverage to increase other buyers bids. What I should have done is say I would think about it and then called them just before 4:30pm to submit my final offer. That way the agent had less time to use my offer to leverage other buyers to a higher offer and I might get to be the last bidder.