DId you bid via an action site?
Or did you place an offer via an agent?
It is not common for clients to be told that their amount is lower than other offers, that sounds like some information leaked out. What should happen is that you and every other offeror will get a form called a "highest and Best" request giving you the opportunity to increase your offer. Then the bank will pick one and let everyone Know, ususally within 2 or 3 days.
Charles Rutenberg Realty