The bank has the rights to the house. It does not matter if your offer was in prior to another offer being sent fourth. Until an offer is accepted the bank can continue to review any offers that are submitted. There are not any set rules on how long they have to decline, accept, or reject an offer. You could have an answer in 2 days or 2 months. Just recently I submitted an offer for a client for a home that was a short sale. The listing agent sent the offer to the representative at the bank. The representative decided to go on vacation and not send our offer up. Three weeks went by and I continued to call the listing agent and the listing agent continued to call the representative. No response until...I phoned one day to simply state that we either needed to continue fourth or pull our offer. The owner of the property was able to get in contact with the represenative....they conferenceed called the agent..and...when the agent was opening her emails while on the phone with the representative noticed that there was another offer setting there in her box for the same property that we had placed an offer on three weeks prior. My clients did not get the home because the representative never had submitted the offer up to the investors to make the decision...and now there was a better offer on the table...and the represenative chose to submit the new offer....now, if she had did her job and submitted the offer when she was suppose to our offer would had more than likely been accepted because there was no other offer on the table. There was nothing we could do.