The agent does have to submit your offer, but the other offer might have already been accepted or may even be in escrow. But, assuming your offer came in prior to acceptance the listing agent needs to make the seller aware of your offer and should present it as soon as possible as it might be better than the other offer.
The home seller has to consider more factors than just purchase price when choosing which offer to accept. Terms are a major factor. If two offers aren't that different in price, other factors become more important in the home sellers decision. Contigent vs. non-contingent, closing date, size of down payment, cash vs. finance and ability to close come to mind.
With all that said, if it closes for $60,000 less than your offer and the listing agent tells you there was a small flood during escrow so the seller lowered the price, you might get a little suspicious.
Realty ONE Group
Laguna Design Center
23811 Aliso Creek Rd. #181
Laguna Niguel, CA 92677