Don't hesitate too long.... after a verbal agreement, they suddenly canceled on us out of the blue, so now we're building. Maybe someone else heard and offers 20k more and then.....Banggggg.
No... in this case it won't fail because of a 20k higher bid. But I totally agree with you: decide quickly and above all, lock everything down fast!!
Because with such a sale, experience shows that the chances are not bad that a much better acquaintance/family member of the neighbor or the seller suddenly gets in touch and expresses interest. Or a little birdie tells the seller that he definitely must not sell it that far below value. All this has happened many times.
So if you have decided, also act quickly and decisively.