It’s possible you overbid. Its also possible you screwed up the deal for the seller. When an interesting property is new on the market there is lots of interest and fear over losing it. There could have very well been others willing to pay what you did or close to it. When it fell out they may have moved on or assumed there was a problem with it. Its impossible to comment for certain without more information.
The obvious conclusion for some would be not to buy when something is new on the market and get caught in a bidding war. That would be a false assumption in many cases as you just dont know until after its too late.
