No, I believe you can walk. ANY offer you present is not a valid contract until your offer has ACCEPTANCE. Therefore, submit a written request to withdraw your offer... that the contract is now null and void. I am not an attorney but this is my absolutely understanding of the law.
Now, of course, a contract is a contract. If you signed language that offered to wait IN ADVANCE of your submission of this offer, then you could experience difficulty. However, your December 22nd date has come and gone, so I believe you can then withdraw and cancel the contract. Still, hire a good attorney. Did you submit earnest money yet? Additionally, foreclosures have oodles and oodles of unknown problems... it should not require much effort from your attorney to defend your decision to withdraw and cancel. After all, everyone has a right to an inspection immediately upon acceptance and you should be able to cancel based on the inspection- that is, if the foreclosure comes with repairs and other poor condition issues.
Again, I am NOT an attorney. This is an opinion only. I still remain confident and I encourage you to get the opinion of a licensed attorney in Alabama! (smile)