Boy that is frustrating but dealing with banks usually are. The one thing I don't understand is why the listing agent put it back on the market. If the previous buyers offer is still good & he is still trying to figure out financing or getting enough cash. Why put it back on the market. At best it should of been CCS which means there is an offer but continue to show. In that case all other offers would be considered a back up offer & wouldn't be submitted till the 1st one fell through completely. If it was CCS then your agent should of told you. If it was BMK (back on market) & the listing office didn't say anything when your agent scheduled a showing, then it isn't your agents fault.. Are you buying in Troy MI or Las Vegas? I'm in MI so that's what I know. Every state has different laws. The bank you are dealing with can be located in another state as well & they're not always familiar with the different states.
Hang in there. Your agent is working for you & not the bank. Remember that.
Best to you. I hope things work out in your favor.
The rest of the stuff you are experiencing is the broker policy of protecting his assets from getting involved in any law suit. Check with your agent to see if the seller (bank) has granted an extension. If not the bank may accept your offer with no repercussions from the first buyer.
Another possible problem is the banks agent not understanding real estate law enough and is relying on your agent or broker' advice in his decision making, and they are busily trying to protect their assets.
If you indicate you may take legal action you may break their stalemate.
This is just a broker opinion and not intended to be gospel-just an opinion. Before pursuing any remedy you may seek an attorney opinion. More of that protection of my legal assets stuff
David Cooper..Las Vegas Foreclosure Investor in Bank Owned REOs with Cash Flow. email or call for FREE daily list. +1-7024997037 not a real estate agent
Just a couple things. As mentioned, the release of the previous purchase agreement will need to be acknowledged by both the buyer and seller to assure that there is no dispute in order to release the earnest money deposit to the buyer. If there is a dispute than there will be time needed to allow for the resolution of that matter. Meanwhile, it is possible that the listing broker has a stipulation in their listing agreement that does not allow for additional offers to be submitted or presented while there is an existing offer to purchase. The legalities and time of the essence matters are not always clear without legal interpretation. As Derek Brauer mentioned, many of us are real estate experts, but do not have the ability or knowledge to provide legal advise and counsel.
As also mentioned, it is likely no fault of the agent you are working with, merely the circumstances of the situation.
Best Wishes to you. Hope it works out the best it can for you.
Kay Pearson, CRS
Real Estate One - Max Broock
31 S. Main Street
Clarkston, MI 48346
Please see my blog for more tips and advice on buying bank owned homes