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Bank Owned Home sale / Higher offer?

I am looking into buying a bank owned foreclosure which is being sold by a realtor. I called on the listing and the realtor said the house has already had an accepted offer and that they would call me back if it doesn't sell. I asked if I can put in a higher offer and they said no, because the bank is not accepting higher bids. Does this sound right? I figured the bank would want more money and I should have the right to put in another offer before the home closes.

Public Comments

1. If there is an offer in, they can not legally talk to you about any of the details, or accept other offers.
2. The key word is "accepted." This means that the bank has already entered into a contract with a buyer. Both parties have signed the contract and it is legally binding. Unless something happens to make that contract null and void then the bank can't entertain any other offers. You could write a back-up offer. The Realtor will hold your back up offer and if something happens to the first contract then the Realtor could submit your offer. The advantage to a back up offer is that the Realtor already has it if the first deal falls through and it should get submitted before anyone else really knows that the house is back on the market.