I responded to a real estate listing for a "REO/Bank Owned" lot "For Sale - MLS Listed" for $150k. This was a very good deal for the area so I contacted an agent who entered an offer slightly above the asking price. I looked online today, and I found that the lot was re-listed today for $346k just 2 days after I entered my offer.

My question is, what just happened? Does the bank (seller) have the right to re-list if they simply don't like the price? Was this a listing for an auction? - the website and ad paper did not say it was an auction (see link below).
Do I have any rights as a buyer here?
Do I have the right to know which bank owns the property?
Do I have a right to know why my offer was rebuffed?
Was it legal for the seller to re-list because they didn't like the price?

http://www.redfin.com/CA/Walnut-Cree...6/home/1320813

Thank you.