why not be just truthful!!!

[Mike Hummer]

I looked at a property that is a bank forclosure asking price $116k. I wanted to make an offer full price with financing . I was told by my agent,that" the property has muliple cash offers, the selling bank was going to look at the cash offers on only, on Monday". so I passed .
A week later the property is still listed as available. I called my agent again , she said " They ( the bank) are looking for higher offers than the asking price.
My question is , Isnt the selling agreeement a contract to sell with a Broker at a set price agreed by the seller? and if the agent brings in a ready , willing and able buyer,and the meeting of the minds have been met , therefore the agent has earned a commission?.What ever happend to Specific Performance?
It seems to me the banks are using agents to auction the properties to the highest bidder and disregard the contracted asking price, which to me is unethical .
Why hasnt the Real Estate Commissioner stepped in to stop this type of behavior?