Formally Withdrawing an Offer

[Ryan Haase]

We put an offer in on a SFH which has been on the market for over 200 days. Everything went fine at the beginning and the seller's Realtor was able to answer all questions and we were able to set up a showing of the house (it has renters). We put in an offer and all of a sudden everything has gone silent on the seller's end. It's been about a week and according to our Realtor, the seller's Realtor hasn't heard back at all from their client.

I know that with the holiday thing lag, but if they were truly a motivated seller, they would have jumped all over our offer. We're going to give it another week and then withdraw our offer. My question is if there is a formal process to withdraw an offer.