Absa
Bank Rectracting Property Deal

I placed a bid on a property and then received an email and sms confirmation that my offer was accepted and that I needed to respond to the sms to continue with the transaction.

EMAIL TEXT:
==Your offer has been accepted in principle while this property was mandated to Chas Everitt. For this ==purposes, please contact:
SMS TEXT:
==Moenieb, R1, 000, 000 offer on [URL Removed] MR089679 accepted. Must reply YES to go ahead.

After responding to the sms, I went to my desk to look at the email.
I then received the following email from the bank.
FOLLOW UP EMAIL

==On Friday, September 13, 2013 ABSA Bank chose your offer and Accepted it in Principle, informing you via ==email and sms. This locked the property in transaction with yourself. Unfortunately this transaction will not ==be proceeding due to the following reason:

==Bank Mistake: Accepted in Error

Is this correct process?
Does ABSA normally go back on their word?
I have lost what I perceived to be a very good deal, just to have the bank go against their word.
Note that If a client had to reject a contract after agreeing to it, the bank would have taken the client to task, making sure that they get what they want.

Company: Absa
Country: South Africa
City: Repo Properties

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