REO Agent submitted other offer after bank accepted mine

[John H.]

I made an offer on a property listed on MLS through a realtor. The realtor called 2 days later and said the offer was accepted. I told the Realtor I was out of town until late friday, and she said I could get the P&S in on monday. I filled out the paperwork on Monday with my lawyer and submitted it. Tuesday she called and said my proof of funds isn't acceptable and I need another copy. (cash offer). A few hours later, she called and said the bank rejected the P&S because it wasn't signed by Sunday the 15th. I signed it on Monday like we discussed. She said there is a new offer on the property now and I need to submit my second highest and best offer. After hours of lengthy heated discussions she basically said, I'm screwed and I don't need to file a grievance with the board of Realtor's because she isn't even a member, so im out of luck.

I ended up throwing a few grand onto my offer, but I guess i'll have to find another.

Any Advice?

[J Scott]

John -

As far as I know (and I'm sure someone will correct me if I'm wrong), technically, if the contracts weren't signed, you're out of luck, as the bank has every right to go with another offer up until you have binding agreement.

That said, the agent acted improperly in my opinion, and should be reported. S/he should definitely be a member of the state real estate commission, so let her know that you'll be reporting her to them.

It would help if you have any emails or voice mail messages to substantiate your case.