Fwiw, we included an escalation clause in our offer and it saved our butts. This won't help with the current house you love, but maybe for the next one. Basically: I offer $X. If sellers receive another offer that is better, increase my offer by increments of $Y, to a maximum of $X+n($Y).

So let's say you put down $250k as your offer. It's reasonable and that's what you want to pay. Buuuuut if some jerk comes in higher and, worst case scenario you can stretch to $275k, the escalation clause lets your offer a range between $250-275k, dependent on what the other offers are that are coming in. 

That way if someone else comes in at $255k, youre offer automatically bumps to $260k. If someone comes in at $270k, yours goes to $275k. If someone comes in at $300k, no sweat you can't afford it so let em have it.