Every bank or asset management company (the company the bank hires to sell their foreclosures) has their own set of rules. The first thing you should do is hire a good Realtor that understands this market and can get you in the property as soon as they are listed for sale. Have your Realtor find out what the Bank's "rules" are and get a copy of their addenda to see exactly what you are getting into-and READ IT. Get your Realtor to talk to the Listing Broker about how this foreclosure transaction is going to work and if there is anything they look for in a contract (ie: preferred closing dates, cash vs. loans, escalation clauses, etc.) You should already have your financing in line and as complete as possible because many bank addenda have the buyer waive financing contingencies. Most transactions will take longer than what most buyers are accustomed to so be prepared to be patient. Often there is a waiting period to hear from the bank, however once you hear be prepared to move very quickly to complete your inspections, get your loan together and close when they ask you to. There are often additional costs incurred in purchasing a foreclosure, however there are very good deals to be had out there. I am a listing broker for foreclosures; check my website www.ScottJLee.com for new listings and other helpful information.