I agree with Mike and Bill, banks might actually keep track of their "acceptable" losses each quarter. So, this bank shouldn't be any different. My opinion is that it will take months for the bailout package to be placed into practice by banks. (knock on wood) Hopefully they won't stop selling off their bad inventory.
I suggest speaking with your agent to verify what "proof" was included with your offer. Good luck in your transaction.
No one knows how bad the banks want to get rid of their homes. Alot of it depends on how many they have in inventory and how much they have been hurt in the past. What I would suggest is to get some quotes on the three items that need to be replaced. The furnace and hot water heater are the easy ones. See if you can get a copy of the health department report on the septic and drainfield. This report should tell you alot. The question is...did the septic tank fail or did the drain field fail? That is a huge question you shoulld find out. Its much easier to repalce a septic tank then an entire drain field. If its the drain field, there certain standards that need to be met today that did not need to be met when it was installed...this is a huge question you need to find out!! Good Luck.
Right now it's difficult to tell. There may internal motivations to push things foreward but then again the bank may want to wait to se what shape the "bail out" package is going to take and how it will effect them.
Our recommendation is that if you don't hear anything for a week have your agent contact them for a status check. There is a reputation of banks losing important documents. AND " the squeaky wheel gets the oil."