Foreclosure in last month in MD - PG, AA, MC, HW, BC county.

Work with an experienced agent that knows foreclosures and keep you informed.

Foreclosure properties in our area are very competitive.  I have dealt with a lot of them and have seen a lot.  Have lost a lot of bids because of multiple offers.  A lot were sold before I got to write an offer.

If the house is priced lower then market price and you like the house -
Might think about bidding over the asking price. If not you, some one else will.
If you need closing help - add this on top of asking price.
Agent should be able to let you know if there are multiple bids.
Cash is best. Conventional or FHA-203K/S loan is good.
Try to scratch all inspection addenda. If property needs work get approved for

The seller agent gets your offer,they input this offer for the bank or the management company to review. In case of multiple offers, they will ask top few to submit best an final offer.

Then in 1 to 8 working days bank will let your agent know of their decisions.  You agent should try to communicate every day basis and update you of the status.

If you have really low balled and bank is still talking to you, then this takes a little longer, as the upper management have to OK this kind of transactions.   =)

If you have won the bid - congratulation.  Bank will send you their addenda that supersedes all other docs.  Read carefully and don't panic.

Now this will take at least additional 4 days for this property to be taken of the market.  Don't blame your agent  the seller agent has to have all documents signed by all parties to take the property of the market.  during this time some agents takes the peoperty of the market as temp off or CKO.

Once all documents are signed, make sure your agent and loan officer is on top of all as any delay will cost you money.

I hope this helps all.