Purchase new Home:

Hi I'm a newbie to this site and would like to go forward investing in real estate.
We are currently renting and would like to purchase a home.
We have two offers on the table:
1. Found a property of our liking, got pre approved and went for a bank owned property. Our first offer was refused and we have sent in a counter offer, but been waiting for a while. but during this time, funds that was promised to us for the purchase has been redirected, but hoping something can be worked out.

2. As a backup we found a seller with a beautiful property which we are putting together a Lease option, but need advice putting it together and agreeing on a sale price.

Any advice would be greatly appreciated.

Thanks