Seller Raised List Price Above My Offer after I Submitted

[Eva Lai]

Hi all. Has anyone experienced or had a deal and can explain their experience with a selling realtor who raised their list price after receiving my offer to slightly above mine?

 I recently put in an offer on a place that was at least 10K above asking/list price. One of the sellers is also a real estate agent. When my agent reached out, the sellers said they have only gotten low ball offers and would consider accepting if they got an offer above the list price. I submitted my offer and within 5 hours of me submitting my offer, the list price on the house has now changed to $1K above my offer price.

Has anyone dealt with an issue like this before? Can real estate agents legally use an already submitted offer like this and bump up the price? Does this happen often?