You have been looking for a house for some time now and suddenly there it is!! You look at your Realtor, a big smile comes across your face, you start to get butterflies in your stomach and the next thing you know you are writing a contract. Believe it or not, your Realtor is just as excited for you as you are for yourself. You present the offer and the negotiations begin. Back and forth, waiting for responses, countering - you feel like you are on the longest rollercoaster ride ever. Then it happens - the Seller's Agent calls and says that another offer has come in - what is happening? Can they do this?
The Seller's Agent has an obligation to their client to submit ALL offers that come in. What are the chances of someone bringing in an offer at the same time you do - actually, the chances are very good. When an offer comes in on a house the Listing Agent immediately gets on the phone and starts calling any buyer that was on the fence about the house. This is a great way for the Listing Agent to get a multiple offer situation going and most likely getting a better price for the Seller.
When this happens the Listing Agent should call all parties involved and tell them to bring in their highest and best offer. The Sellers will look at all offers presented and choose the offer they would like to work with.
If you find yourself in this situation truly go in with the highest offer you can afford and the best terms (earnest money, closing date, etc) that work for you and prepare yourself for the outcome.
If your offer is not chosen you WILL be disappointed, but shake it off. Everything happens for a reason. You will find another house and, in 99% of the cases, you will be sooooo happy that the first one did not work out!!