Seller has 2 offers on the table
my husband and i just put an offer on a foreclosed home (bank owned)....the bank has taken 2 weeks to get back to us as to our offer. in the meantime, the bank fired the initial listing realestate agent and hired another. The new listing agent then tells our buyers agent during week 2 (still waiting for the bank to respond to our initial offer)...that there is another offer on the table. I guess they were waiting for us t increase our initial offer. We did not. Then the listing agent gave our agent a counter offer from the bank. He claims the same counter offer went to both parties. Since then, we accepted the counter and they still have to get back to us. My question is....how do we really know there was a second offer on the table.....and 2. Is it legal/ethical for a listing agent to play that game to squeeze the most out of a buyer and say there is a second offer on the table, when there is not? I feel like we have been "had"!