Century 21 Diversified
Your question is really a contractual one, and only an attorney can give you a final answer. But it sounds to me as though you are bidding on a hot house and if there is multiple interested parties, the bank will want to take advantage of that to lessen its losses. Your goal on this property or any other of interest is to get yourself firmly under contract as soon as possible so that this doesn't happen again. Once under contract, the seller is likely only able to entertain back up offers, and you should be secure unless you don't meet your obligations in the contract.
Good luck to you!
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Sorry for your troubles. It's typical in a bank-owned situation that two things are true.
1. The bank reserves the right (usually stated in their bank-owned property addendum) to withdraw their acceptance of any offer and take a different, better offer.
2. The deal isn't intact until you and the bank have signed all documents and the earnest money has been received by the Listing Broker or bank.
I'd encourage you to communicate with your agent to discover where in the process your offer was derailed, and the re-consider your options.
Principal Broker, REALTORÂ®
MacDuff Realty Group, LLC