Buying a repossession - agents cagey on current offer

[DinosaursArentMakeBelieve]

Long story but wanted to share the background and looking for advice... We put an offer in on a repossessed property which was accepted and we've had contact from the estate agent less than an hour later to advise that a higher offer has been made. We have asked what the higher offer was but they won't tell us. my understanding is that there are legally obliged to do so on a repossession? Is this the case? does anyone know any detail about this?

Background:
two agents are managing the sale. The Agent "A" is managing for the other guy and we went with Agent "B" as Agent A haven't managed the sale well at all.

Agent A booked to view with us then didn't turn up, then when we re-arranged they called to say they were cancelling all viewings as it was sold. When we contacted Agent B (who were still advertising) we were told it's a repossession and so they can't take it off the market. Seems like Agent A has done everything possible to get their purchaser the house including contacting me to try to convince me to withdraw my offer

Have you got a conveyancing solicitor already? We bought a repossession once; it was years back and I can't recall that the agent was obliged to tell us the level of any other offers. They had to advertise (??) the winning bid at the point they accepted it, IIRC. Anyway, back to my main point: think about getting a conveyancer on board now. We needed lots of advice from ours from very early on.

Sounds like they really don't want to sell it to you for some reason. We had a very similar issue before and reported the estate to their authority (can't remember the name of the professional body) but nothing was ever done and we just let it go.

It sounds as if they want to sell to someone they know/themselves/not at all. It could be that the vendor has been instructed by a bank to advertise it for sale but in reality does not want to sell.

Do you know who the bank involved is? You might try them as they would be very interested to know if the estate agents are not doing their job to get the highest price.