Offer accepted verbally - nothing in writing!

[Bryan L.]

Looking for advice on an REO property. I made a cash offer that was not accepted...a couple weeks later they made a counter close to my offer and I accepted. They required new paperwork and a new letter from my bank stating funds were available and seemed to need everything now, now, now!

Well, it's been over 2 weeks and I have nothing signed from them?  I've checked in with my agent a few times because there is a lot of activity at this property and I'm getting nervous I'm going to lose it to a higher offer.  I was told the listing agent considers the property under contract and is telling anyone that inquires about it that it's under contract and not showing...but why all the traffic?

Is this typical?