Yes, that is correct. The odds are in your favor, especially if the lender is Bank of America or Wells Fargo or Chase. Bank of America, in particular, will close the file and start over before it will accept a higher offer months after the first offer was submitted. The seller probably doesn't want to start over. I'll keep my fingers crossed for you. You're a real trooper to hang in there and wait for approval. Many buyers don't. So, you're to be congratulated for your perseverance. I hope this works out for you!!! - Sat Dec 19 2009, 19:07