Seller backed out after i accepted their counter

[David Jackson]

I made an offer on a house on the MLS. Through our realtors, the seller countered. I accepted the counter offer. My realtor let the seller's realtor know I accepted. My realtor began working on the contract. Late in the evening (8pm) I get a text from my realtor saying that two more offers just came in and they want my highest and best by the next day. I stayed put on my offer. They went with a different offer. Is this common? Do I have any recourse or did I just learn a lesson about nothing being official until it's in ink? Thanks in advance for any input

[Brie Schmidt]

Originally posted by @David Jackson:

I made an offer on a house on the MLS. Through our realtors, the seller countered. I accepted the counter offer. My realtor let the seller's realtor know I accepted. My realtor began working on the contract. Late in the evening (8pm) I get a text from my realtor saying that two more offers just came in and they want my highest and best by the next day. I stayed put on my offer. They went with a different offer. Is this common? Do I have any recourse or did I just learn a lesson about nothing being official until it's in ink? Thanks in advance for any input

 Happens all the time.  Until there is an executed contract in hand it is not a deal.  You were given the opportunity to send in your best offer and got outbid.