Larry has provided the unadorned, bare naked reality...the banks are too big to fail and too big to care. They REALLY don't care what is included in your purchase offer. Their 19 page addendum will supersede everything and strip the buyer of all protections. It is no longer their money or asset they are working with. I especially like the arrogance/stupidity statement.
However, the reality is these sellers of stolen real estate have multiple revenue streams emanating from these situations. Now, with big real estate investors like Blackstone who have announced budgets to ONE BILLION DOLLARS to buy real estate, they have the option of letting these volume/bulk buyers cherry pick the inventory, as they stall the process. It is unfortunate we can not see behind the curtain to observe what is taking place in the REO arena. The lack of transparency is a true breeding ground for the vitriol that is so rampant.
The ideal buyer for distressed properties are 'STATISTICAL' buyers, (if the numbers work) not emotional, end user buyers.
How long do they have? However long they want. Period.
This is an abusive process, and all you can do is grin and .....well you get the point.