Since this in Texas, let me offer wisdom here. First, do you have your own representation? In Intermediary which is when the listing broker and the buyer's broker are the same, the listing broker can't tell you what the lowest the seller will take for the property, and the buyers broker can't tell the seller the max amount the buyer would be willing to pay (unless the parties instruct their agent to act otherwise for them.) Otherwise, what can happen is when you use the selling agent to make the offer, if your not their "Client" (key word) then they can tell their seller exactly how much you love it and how high you'd be willing to pay for the house. So, first establish who your representation is. Do you have a signed contract with a REALTOR?
Then, depending on what's going on with this offer, (and your agent could find that out for you), you could make a back up offer. However, that has some obligations you should understand before you enter into a back up contract, which would factor on how soon you need to be in a home, as well. So, if you wanted to place an offer to go higher, than you could do that, however, at this point in the transaction, the seller would be able to accept a back up, but you would for the most part only be able to buy the house if the seller either backs out during option period, or exits the contract for reasons stated in the specific agreement between the seller and the buyer. An option contract means they have the option to buy the house. The seller can't say now we got a higher price so we are cancelling with you and going with this other offer. However, the seller can say we are not going to make any repairs, and the buyers could opt to back out during option phase, and then if so, they could then become eligible to enter into a contract with you.
If you want representation and don't already have it, contact me at: 214-991-9507.
Nicole Arenas, REALTOR