@m32s You never know what you don't see.
We put in a offer at the low point of the range for a 3BDR in Docklands. Back and forthed with the agent, told the same thing (other interested parties blah blah). We stood our ground, owner reduced further (about 30-40K from top of range). We stood our ground.
Ended up not buying.
We checked later and it was bought for 20K above top of the range.
Do we feel bad? For us, no; we had a budget, no sense or reason to go above it. For the sucker who paid 50-60K more than the owner was willing to sell for, absolutely.