the site below should be able to provide answers to alot of your questions.

Hi Amybeth,

Another Trulia rockstar - Elizabeth Wientraub - wrote a guide to buying foreclosed homes. Here is the link
http://homebuying.about.com/od/4closureshortsales/u/Short_Sa…

Here is my standard answer to your questions:

1. "How much to offer?" (below or above asking price)
Answer: Bank list prices are NOT closely correlated to values. So, offering price should not be figured as a percentage of the list price. The smart investor (or home buyer) considers the current market value when calculating how much to offer.

2. "How long? ":
There are so many thousands of banks and asset managers, there is no reliable timetable. My experience is that the average return response is in about 3 business days. That is simply an average. The range of response time can vary from minutes to months.

3. "Who can communicate? "
There are numerous walls between the bank and the buyer. The decision maker at "the bank" has clerks.
Those clerks are in communication with a company called an asset manager who is a "middle-man" or "go-between" The asset manager communicates to the listing agent. The listing agent communicates to the buyers agent. Then the buyers agent deals with the buyer. Banks do not, as a general rule, negotiate directly with buyers.

Amy,

The previous post is on the mark.....

Find a local real estate professional to work with you on this. They will be able to lead you through the process, step by step. Helping you to understand the best offer price and highest price, expaditing the buying process, etc.

The bank will want a "pre-approval letter" for financing and a deposit. Our recommendation is to begin with the financing piece so you know what price range you will be able to seek.

The bank's response time will vary but normally, on a reasonable offer they will get back to you within a couple of days.

Good luck

Amybeth; My advice would be to find a Real Estate professional to represent you in the area where you want to buy. It is not going to cost you a penny. He will help you out with everything that you need to know starting with showing you the property, giving you his input as to how much to offer. If it is a Bank owned property, the Bank will answer you fairly quickly. Sometimes in as little as two days. Sometimes they take longer. Also, depending on the area and the amount of foreclosures that are for sale, will give you and your agent an idea of the competition and the price to offer. If Bank owned houses are selling very rapidly, sometimes with overbidding wars, you have to offer a little more than the asking price; but of course, it all depends if the asking price is very reasonable to begin with. Other areas are languishing with foreclosures for sale. Ask your agent to ask the Bank agent if the home has received other offers.