I know it is frustrating to compete with alot of bidders. That is the way it goes. You can either choose to compete or not compete. Nobody forces you to do either yet you make it sound like someone is making you bid on the home which they are not.
Your prerogative as a buyer is to set your own boundaries and act accordingly. Your budget and the way in which you bid in no way should depend on the presence of other buyers. As a buyer your budget will dictate what you want to spend, not what any seller is telling you that you HAVE to spend to compete for a home.
If you don’t like it, don’t bid.
It is not a game the bank is playing. It is a game ANY seller would and should play. If people all priced homes in an UBER competitive manner we would find a bottom of a market much faster then we do when people take a year to finally figure out that they need to price in a competitive manner.
Finally, this is how the landscape plays out for properties like this. I am encountering this in ANY submarket where there are homes priced very aggressively. It is frustrating to deal with these scenarios as a buyer but over time you will get used to it. If you don’t want to rebid, don’t rebid and tell them you are sticking with your initial offer and see what happens.
