Steve, Unfortunately your agent did not move quickly enough secure the listing agents attention and insist that Fannie Mae provide written confirmation of acceptance. Most lender contracts have provisions in them that that allow them to terminate without penalty and refund the earnest money. anyway.
The practice of offer shopping is rampant. In a similar situation I escalated the issue to a Senior VP of marketing at Fannie Mae, who stated he is aware some listing agents will attempt to get their pocket buyers to offer more than a verbally accepted offer and then submit the higher one for signature. That as in the case reasonable extensions of 5 days are denied and a higher listing broker offer is presented and accepted. He went on to say Fannie Mae did not have a problem with this conduct. I was surprised but that is where we are at. This agent on the other side of the my transaction has 10+ highly negative ratings on Yelp, Kudzu, Angie's list. If a sufficient number of negative reviews are posted, these less than ethical and honorable people will harm fewer and fewer people.
We live in a very different society handshake, verbal and agreements in principle are worthless. I want people to trust my word, have confidence in my agreements, when dealing with others I advise "A handshake agreement isn't worth the paper it's written on" It is a bad policy to trust anyone these days.
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