So when given the opportunity to submit your "highest and best" offer...you didn't? Likely the best source for accurate information relative to this would be through the bank's listing agent. They should know the status of the offers on the property and whether or not it's too late to increase yours.
If you were allowed to submit another offer, would it be unreasonable to make the same opportunity available to all other interested parties? In situations of this nature, the bank needs to draw a line and take a stance...normally, this is accomplished through requesting "final and best offers" not next to the final and best offers.
Have your agent be in touch with the listing agent ASAP......
I agree with Paul. Until the bank accepts an offer you should be able to go back to your agent and let him know you want to make a different offer. But in New Hampshire it is called a P&S (purchase and sales agreement).
Prudential Verani Realty