I reached the lender's bankruptcy department today. The feedback I got from the bankruptcy department is that I am no longer dealing with their permission and approval. They said that they, the lender, are now at the mercy of the bankruptcy court. I was instructed to contact the bankruptcy attorney my clients are using and request her to submit a motion to the bankruptcy court to have the offer I received on the property accepted. It appears it is now the court's decision, and the Trustee will have a say in whether or not the offer is reviewed and/or accepted. I contacted the attorney via email today but have yet to get a response from her.
So, unless someone else can shed some better light on these type of transactions, I will be referring to them as pre-trustee foreclosures.
I'm working with a seller with the exact same situation, so let me know what you find out, and I will share the same. Send me an email so we can keep in touch. I'm just now submitting the package to the bank for review. We will have to add documentation from the bankruptcy court once we get to that point.
It seems like you are going to be very patient. Once this property goes to be a part of the BK, the court will determine WHEN AND HOW MUCH they will sell the property. If your buyers are willing to wait then so be it. Make sure that you are in constant communication with their BK lawyer and if you'll find out who the Trustee is, communicate with them also. Good Luck