Made an offer on a home, now all of the sudden there is another offer?

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My fiance and I have been looking for a house for about 5 months. (Trying to get in on this tax credit you see.) I will be honest that our price range was maxed out at about $ 140K or so. Well, we ran into a home that we loved, listed for 139,900. It was also eligible for 100% USDA financing! Hooray! (This saves us on the Private Mortgage Insurance required for FHA loans.)

The house has been on the market a little over a year, and the price was just recently lowered $ 5K. We made an original offer yesterday of $ 134K, and asked for closing costs to be covered by the seller. They countered with $ 139K and offered to cover closing costs. When my agent called to make another counter, all of the sudden there was another offer on the table in the past few hours! We tried to accept the original seller counter of $ 139K with seller paying closing costs, which they verbally accepted. Well, apparently the other party raised their offer even more, so now both parties are in a situation where they must have their best offer on the table by noon tomorrow.

A few things concern me here. First of all, I am so torn. I love this house. We have looked at over 50 houses and this is the best mix of quality, location, and 100% financing with no need for Mortgage Insurance is HUGE! On the other hand I keep wondering the chances of the listing agent making this story up about the other offer. How common is this?? Any advice for this situation?


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