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Very bad situation

I wouldn't call that a bad situation. It can easily become a bad one if you decide to chase them both; but you know better than that. If you're open and honest with them both and act unselfishly, things will probably turn out for the best. If you don't become lovers, you will become friends. And that tends to last.
Who knows, in 3 or 6 or 12 months or so, perhaps neither of them will be interested in you. Perhaps your attention will have drifted to yet a different person. Some people, given in person exposure to individuals and situations, can see right through matters of the heart and give sage advice. On the internet, the only certainty is uncertainty.