In my experience, when dealing with any property where the bank is involved, throw everything you know about the "home buying process" out the window! A little background... from January 2007 to January 2008 foreclosures are up 79% nationally. Banks are flooded with short sale, and foreclosures, so most likely the property in question is just another file on the desk of a loss mitigation specialist at the bank. Patience is a virtue! The most that you can do, is stay on the phone! Call the bank, and stay on top of who ever you are dealing with. The bank sets the time frame, so if the property is worth it, and you are flexible, be patient. If you are not working with a Realtor, hire an attorney to oversee, because the bank will most likely expedite the Purchase and Sale, and home inspection (if there is one) and you will have to act fast! If you are working with a realtor I'm sure that they will keep on top of the situation (assuming of course they are as good as I am!!!). Good luck!