I offered cash, at the list price, for a foreclosure. Why did I not win the bid?

In today's market many buyers think that they can offer 90-95% of list price and have a good shot at being the highest bidder.  Unfortunately, often times in the foreclosure realm even a cash offer at list is not going to cut it.  This is due to the sellers listing these properties at prices too good to be true.  Often, when bidding on a foreclosures, you are up against other cash buyers, sometimes many others.  This causes the price to go up above and beyond the list price. There are a few strategies that can keep you at the top of the list, even if you are not the highest bidder.  The best way to position yourself to take down one of these great deals is to bring a stong offer coupled with waiving inspections and putting down 10% in earnest money.  These two stipulations to the contract speak volumes to sellers and their hired asset managers.  When a buyer puts up 10% earnest money, that greatly reduces the chance that they will back out.  Couple that with waiving any and all inspection period and the seller is pretty certain that the buyer will move forward and not try to re-negotiate during an inspection period.  I have won many bids for my clients by employing this exact strategy.  It does come with a little more risk, which is not usually for the newby investor, but this strategy can position a buyer that may not want to be the highest bidder (because the numbers don't work) into being the accepted bid all because the seller has confidence that the deal is going to close.