If you've ever made offers on bank owned properties, then you probably competed with other offers after receiving the required MO (multi-offer) form. This is to advise all buyers to make their highest and best offer. If you made a low offer, expecting a counter from the bank, you'll be disappointed. They usually pick the best offer and reject the rest. If they do pick your offer, it may take up to 14 days to get all the paperwork from the bank. In the meantime, your diligence and inspection contingency may begin as soon as you get email notice of verbal acceptance. Be sure to get inspections and you may want to have your attorney review the title commit to make sure you get a clean title. You may choose to close with the banks title agent to get a free title policy, but it may be full of exceptions and their title agent is usually so busy that they can delay closings up to 30 days. In the end it may be better to pick a good attorney to close on time with clear title. Call me if you have any questions or need a good agent to guide you through foreclosure opportunities.