When can I withdraw offer for foreclosure?

Question

My agent wrote the offer to the bank but two weeks passed still not answer from the bank. Can my agent write a withdraw offer or cancel my offer?

I don't think the agent wrote down time limit for respond from the bank to withdraw. If the bank does not give me an answer then am I stuck? The bank does not have my earnest money.

Can the bank sue me for withdraw even if it has been two weeks since I offerred them the offer? Or I have to wait many months in order to withdraw? What is the law on withdrawing from foreclosures. I am offering the bank very low price for this house which I think they will probably deny my offer anyway. They ask for $172,000 but I offer them $145,000. It was sold for about $290,000 in 2005.

Answer 1

You can withdraw your offer any time before the bank accepts same.  Have your agent draw up the proper paperwork, signed by you, withdrawing your offer.  You have no contract to void until the lender has accepted same.

Answer 2

Until the bank excepts the offer, there is no contract.  Withdraw the offer anytime.

Answer 3

Just make sure to put it in writing and date and time stamp it.