Great answers from others, being this was back in April 2011, if you still follow this question, I'd be curious to know what your outcome was.
It is important to know that you were signing a Real Estate Agency Disclosure and Election form for either, and if your offer was accepted on the first home. Yes if you did not withdraw and had money in escrow, you would lose that earnest deposit.
If you were signing a real estate agency disclosure and election, it would've needed additional signing that you did not have full representation.
If you work with one agent, they're representing you.
If you're working with the listing agent, as the buyer, you have limited representation.
I sure hope you're following this so you can answer as to the outcome of your question?