Jess, if you want to go for a preforclosure waiting time can take weeks sometimes months for answers from the banks. It really depends on the bank and how proactive the listing agent has been with working with the bank.
Foreclosures are a lot more speedy. A year ago it would take us sometimes up to 4 days to get answers on an REO, but now it is generally 24 - 48 hours to get an answer.
Either way I think you will be getting a good deal, but if a preforeclosure is going to tie you up from going for another one...that might not be a good option, but that is your choice.
I hope this information helps! Best Wishes!