In considering offers on their REO properties, most banks are requiring "pre-approval" through a direct lender at a bare minimum (think Wells Fargo, Washington Mutual, B of A rather than just XYZ Mortgage Brokerage). And there are some that do require you get pre-approved with a specific direct lender of their choosing. Although they may offer incentives or it may seem pressuring, most of the reason behind this is that they want some solid assurance that you CAN close a loan. Many brokerages out there will provide a pre-approval letter on some documentation but not requiring all documentation. And sometimes this comes back to kill the deal.
On the closing date, your agent should work with the listing agent to get an extension approved with the asset manager. If you really want the property, make it clear that you are, in good faith, doing all that you can to close quickly. Get pre-proved with their lender. Again, if you show that you are doing everything in your power hopefully at least an extension of 5-7 days, if not longer, will be accomodated.
Best of luck!
San Diego Real Estate Specialist
Residential Sales and Appraisal