Many of the banks include instructions on what they want included with the offer. Some banks ask that the closing takes place in 30 days with a cash offer and 45 days with financing. There are addendums that are required with your initial offer. Find out what seller costs you may be responsible for....survey (single family or PUD), back assessments, municipal transfer stamps, etc.. I recommend using an attorney and agent who are familiar with a foreclosure purchase.
Make sure your agent is staying in touch with the listing agent to keep you up to date on the process.
I hope this helps and good luck!
Please bear in mind that every 30 days the bank will review the comps and approve a price adjustment. If you and the bank don't come to terms now, perhaps you can wait until the next price adjustment and then resubmit your offer. They might be more likely to accept it then.
Best of luck to you!
A few things you have going in your favor is that it has been on the market for over 100 days. And they ahve done a few price drops. Also, if you are sure the have not had any offers yet. For the bank this is a business transaction strictly. They have no emotion or feeling involved. So they look at the numbers and the variables surrounding the numbers (like days on market, activity, offers on the place, condition of it) and make a business descsion.
Make sure you know everything before you leap. You will have to do this on your own, because the listing agent and the bank will likely provide you with nothing. They don't represent you. It is too late to get an agent involved if you have already seen the property and made an offer. It is always a good idea to use a buyer agent - it costs you nothing and you can benefit from their experience and represenation. But since you can no longer do that in this transaction, you should hire a good real estate attorney to help ensure your interest and you are going to have to do your homework. Get everything up front from your lender too. Condos are very strict with lending. Find out what they want to know and get all the documentation up front before you are locked into anything.
As a rule, and especially in this market, if you are looking to invest, make sure you know what you are getting into.