Bank Counter Offer After Contract

[Michael Dengler]

I got my first offer accepted yesterday on a bank owned property. My agent sent me the contract docs which I esigned right back to him. I also got the earnest money deposit the bank required and took a picture of it for them before I mailed it per their request. This morning I get a call from my agent telling me the bank has another offer on the table better then mine. I asked how that could be since they already agreed on a deal. He told me this happens a lot and they can technically still negotiate before they actually sign the contract and send back. Does anyone have experience with this? Seems shady and unethical from a bank. Especially since the property has been on market for 100 days.

Mike