Typically when multiple offers come in on a property the Seller will let both buyers know there are multiple offers and encourage both to give their bet and final offers. Some buyers don't like this and simply walk away, but there's no reason for this. It's really no different than an auction. If you like the home and it works well for you then what's the difference if the Seller simply gave you an counter offer and you continued to go back and forth or if you simply make the best offer you're comfortable with and see what happens.
You might discuss with your buyer broker what you might do to make your offer more appealing to the Seller. While you may not believe me I assure you it's not always the highest price that wins. Sometimes it's the closing date, sometimes it's how long your diligence period is. Over the years I've even had buyer clients write a personal letter to the Sellers telling them how much they love the home and how they can see their family growing up in that home and hope the Sellers will chose them. Then I'll encourage them to include a picture of their family as well. and as hokey as it may sound there are times my clients have gotten the deal and the listing agent has told me we weren't the highest price offered. Different Sellers have different motivations, though I will admit it most often comes down to the price.
Give it your best shot and I wish you good luck.
Until all terms of a contract are agreed to in writing by all parties, no one is obligated to anyone. Even when signed, if the contract is not delivered to the other party, they can still rip it up or change something.
We live and work in a competitive field. The seller's and their agents are hoping to get the highest price they can for the house, expect nothing less. Once signed by all parties and delivered, you now can't be "bumped" unless you expressly allow that in your contract.
In real estate sales, sellers have the right to accept any offer that is presented to them. Typically, sellers will choose the best offer that is presented to them and will want to review all offers. The property is available for all offers until the seller chooses to accept an offer.
The sellers will not always notify other offers that there are multiple offers so they can come in with a better offer. The seller can choose to accept an offer at any time in which the listing agent will usually notify the other offers.
A buyer will now always know they are competing with other offers. I encourage buyers to present their best offer so they will not regret that they should have presented a better offer.
Prudential California Realty