Anytime a buyer makes an offer on a property it should be in writing and state the terms of the deal including the amount you are offering, how much of a mortgage you need to obtain, how much you will be using for a down payment upon signing a contract of sale and when you can close. There are also certain legal disclosure forms that need to be filled out including a property condition disclosure form, lead based paint disclosure form and if there is an agent invovled an agency disclosure form.
Agents who take verbal offers are not professional and lazy in my humble opinion, that is not how you make deals. Especially with a foreclosure type deal, the bank will want to see that all the paperwork is in order and you also need to furnish them with a pre-approval letter from a bank. HUD requires a $1,000 to $2000 deposit of certified funds once your offer is accepted.
If I can be of further assistance, please let me know.
Madison Estates & Properties, Inc.
Office: (718) 645-1665