Seller Cancel Contract

[Alexcia White]

Hi Everyone,

I need your advice I have a accepted offer on a short sale house in January house is under contract with a 90 days wait for approval from the bank, as the approaching time coming up in a week or so, I got a call today from the agent that another investor offer the seller 20k more than my offer and offering money under the table, the seller is accepting his offer. I never heard of such thing it’s a binding contract how could they do that? The agent informed me that by law the bank should know about the highest offer, how is that so when the house is already under contract what are my rights here?