ugh its the longest process ever....FH and I had an offer on a foreclosure...so basically all the offers are submitted to the bank by X date, then they decide who gets it...no room for negotiating. The bank takes FOREVER to get back to you.
if you can hold out its worth it, but if you need something by a certain date i suggest not going that route. in the end we found a beautiful happen that was $60k cheaper then the foreclosure we wanted and closed within 60 days.