As everyone has stated before, yes you can submit an offer, it would be considered a "back-up offer."
To give you some insight to how things are doing in the Bank Owned market right now, there are a little less than half of the escrows opened on Bank Owned properties (properties with accepted offers) that actually successfully close.
My suggestion to you is that you work with a Licensed Real Estate Professional that knows how to craft the terms of an offer so that it will get serious consideration from a bank, while still always protecting your best interests. Understand that while it is a slightly better than 50/50 shot that your back-up offer will be considered, you should consult with a knowledgeable Real Estate Professional that will help you avoid the pitfalls that so many potential buyers are facing in this market.
Mike Dobranski, REALTORÂ®
Prudential Americana Group, REALTORSÂ®
Las Vegas / Henderson, NV