You were lied to JEB,

In this environment, if you are writing offers in the hottest segment of the market (Single Family Detached up to $475k) then any agent that tells tells you such poppycock does not have your best interest in mind.

Interest rates are historically low. There is a $8,000 tax credit for most of your competition in this range and the inventory shortage is more severe than the hot bid up markets of 5-6 years ago.

What is interesting is that prices are not running up. There is still decline in the upper markets and Simi Valley is on track to have fewer single family homes close escrow this month (June) than May.

If you are writing on REOs (foreclosures) then read my 12 tips to make your offer on a foreclosed home more attractive. http://homebuysblog.com/2008/10/22/12-tips-to-make-your-reo-…

JEB,
That specific question is best answered by whoever told you what odds were of you having your offer accepted. If the property was a new house listing under $450K and you offered full-price, it is likely a more motivated Buyer (and/or more qualified) offered more than asking price to secure the now pending sale.

If your loan is FHA, you are at a distinct disadvantage when competing with conventional financing (20%+ down) Buyers. Might you be referring to the 657 Paige Ln. property?? If so, it is NOT yet pending, but it is released from showing: Per the agents comments: "In a multiple offer situation Seller reviewing offers, no new offers will be considered" ... I certainly hope you offered well over list price IF you were serious about purchasing this property. If not, I hope you'll now know what it takes to buy a home in today's Seller's market. Good luck!!