If it were an investment property I'd say follow ultradog's advice. Since you want to buy it to live in that's another story.
When was the most recent appraisal? In many areas of the country real estate values are still well below what they were before the meltdown. In my area they're up from the past few years but still 20-25% lower than they were in mid '08.
Do you know that the other offers are actually higher than your first offer?
If the appraisal is a year or less old, then if you really, really want the property then go ahead and make another offer.
Personally I'd probably withdraw my offer. I haven't heard of buyers starting at the asking price then bidding up from there for several years. It sure doesn't happen around here. I think the bank is just trying to squeeze more money out of you.
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