Is Bank Obligated to take our offer, we were 2nd highest offer, Ist buyer was disqualified?

[Deanna McCormick]

We still want the house, we were told 1st buyer was disqualified. We resubmitted our offer and are waiting to hear. but is there anything more we can do? The bank put the house back on the market. 

[Jeff Copeland]

The seller generally isn't "obligated" to accept anything. They can raise/lower the price, re-list it and wait for more offers, accept yours, or counter. Sometimes banks have specific guidelines and a step by step process they follow in cases like this.

Bottom line, the ball is in their court - give them your highest and best offer. If they get a higher offer, it's shouldn't be an issue because you weren't willing to pay more anyway.

If they accept a higher offer and you're kicking yourself for not offering more, then it wasn't your highest and best in the first place.