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That's the formal way to do it but if you could talk to the hiring manager over the phone, it would help a lot with at least closing the loop
You probably should wait more. Rescind on the email if you want but do pick up the phone if they call back and give genuine reason in the email.
Sure, why not? I'd rescind in writing regardless.
Whatever way you do it, best to get it over with quickly and move on.
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Sent out an email with an invitation to set up a call if they want to discuss further. Recruiter called back and asked for a few days to internally discuss the issue (why I’m reneging) and get back
Yes you can. That is completely acceptable. I would just let them know ASAP.