First of all if he is or is not going to be foreclosed it makes no difference to you paying rent. You live there then you pay rent. If the owner does not pay the bank it is not a free lunch for you, pay the rent. If the owner won't tell you then watch for notices of foreclosure to be attached to the door. If they think he lives there they will be sure to attach a notice once and maybe twice on the property.... more
Do you have a Realtor working for you? No one here on Trulia is going to help you determine if that bank received your offer or not. If you don't have a Realtor, find one. As a buyer, it doesn't cost you anything to be represented by a Buyer's Agent. If you need the name of someone in your area, let me know.
Since it is a AS-IS, if you do a inspection after the contract is accepted, then you can't get out of the contract if the inspector does find a problem with the house. So if the foundation is found to be bad, it needs a new roof, mold or what ever is found after the contract is accepted, your client is stuck with it. Of course your client can just not close and lose the deposit.
If your client is really interested in the house, it's better to do a inspection before handing in the contract. It kind of depends how bad your client wants the house and is willing to maybe going up to listing price.... more
I'm not sure if your Agent completely understands how the REO offers being approved. If you "low ball" it that the Bank will need to go to their Investors for approval and it could take a while. Intersting fact that if your offer just got submitted and not accepted there is no reason to create an Escrow and deposit your deposit into it. Your agent could keep Broker can keep the deposit check uncashed until the offer have been accepted or rejected by Lender. You have give him anuthorization to do so. Regarding the listing agent duty, you are right he have a duty to dislosu you that there is(are other(s0 offer(s) exist.