Hubzu declined my bid even though reserve met

I bid on a house with Hubzu and my bid was the first and only bid that met the reserve price.  I immediately get an email from Hubzu stating that the seller was reviewing my offer.  The next day Hubzu sent me a generic email saying that the auction ended Unsucesfully.  There was no explanation as to why my offer was rejected.  I had a loan contingency on my application, with a 25% down loan.  Do you think the reason my offer was rejected was because of that?  

I'm confident that I will get approved for the loan, but I put the contingency there as a way out in-case I need it. For future bids, should I remove the contingency? I would be ok with removing the contingency provided I could get an inspection done before I give them the EMD, typically a two day window.

Does anybody have any experience with an offer that meets the reserve getting rejected?