A lot has to do with the wording of their agreement. I'm going to assume they gave themselves a way out, but I would consult with an attorney to be sure. Why not ask them to give you the option to match the new price if you are willing.
Absolutely, as long as it has not gone through the attorney approval process. Bank owned properties are looking for the best possible offer, as they are often losing money on the property. Not on do the banks consider the higher offers, but the type of financing is considered, whether or not the purchasers may be needed seller concessions, the closing date and what else the buyer may be requesting.
Please give let me know if I can help you purchase a property.
Sionce you state below that "we have everything in writing and singed by all parties", if all is in writing do consult with an attorney sooner rather than later, and see exactly what options you may have.
Yes we have everything in writing and singed by all parties. In our contract it stats we have five business days after the seller has excepted this contract to apply for a mortgage loan and i was able to get one within less then 48 hrs. Im not to sure where to go from here
For any legal questions/advice needed do consult with an attorney who specializes in real estate; does any written and signed documentation exist; do you have an agent, if so what is he/she suggesting...generally if nothing is in writing and no executed contract exists, any seller can do as he/she pleases...