Agent relisted property after my offer accepted.

[Matt W.]

Hello agents, I’m posting to figure out if my agent acted improperly or just sloppily.

Backstory, I call an agent about a bank owned duplex that she had listed but had expired. She explained how that duplex had a title defect so the sale fell thru, but asked if I was interested in a cheap piece of land with a boat slip, and I said sure!

The land was purchased six years ago for 30k, went to foreclosure, bank took it back for 21k. She listed it for 10k for a year, didn't sell and sat unlisted for another year. She tells me she is about to list it again but thinks the bank would take a low offer right now before it goes on the MLS.

I officially offer 3k, sign all the paperwork to make her my agent in a dual agent capacity, and a few hours later she texts me and says the bank accepted my offer! Awesome, I think. She tells me it will take a couple days for the bank to officially sign and accept my offer. A couple days go by and I text to ask what’s next. She says “sorry the bank wanted me to list it again before officially accepting your offer and now there are multiple offers, so just give me your highest and best.” The new listing is for $3k, so of course that generates lots of offers because other lots with boat slips in this neighborhood are now for 20+.

I don’t think she is trying to be shady, but it seems like I was misled to believe that I was getting a deal before it went to market. I know she has an obligation to the bank as the seller, but I feel like she failed in her obligation to me as my agent. I wanted to get the opinion of agents about this, although I think since the acceptance of my offer was just verbal there is nothing I can do but bid higher.

Thanks for listening to my rant!