what is the wait on a foreclosed home?

I would suggest to trust your agent.

Foreclosure properties in our area are very competitive.  I have delt with a lot of them and have seen a various time range and attitude.

If the house is priced lower then market price and you like the house -
You might think about bidding over the price.
If you need closing help - add this on top.
Agent should be able to let you know if there are multiple bids.
You should try to use conventional loan.
Try to scratch all inspection addenda and do all the inspection as quick as possible in advance. If lender need any repair banks might work with that.
If property needs work get approved for FHA-203K/S loan program.
Work with an agent that knows how to work with foreclosures and knows how to keep up and keep you informed.

Once the seller agent gets your offer, normally very hard to get hold of (There are all kinds - it's a joke in some  occasion) should confirm that they have the offer on hand.
They input this offer in a portal system for the bank or the management company for the seller to review.

If they have multiple offer, they will ask the top 2 or 3 to submit best an final offer.

It's better to give your best offer all the time.  Banks are lloking at net offer and least contingency in a offer.  Cash offer are the best, then 203K loan or conventional loan.

Then in 3 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 11 page or 14 page addenda that supersedes your original contract.  Read carefully and don't panic.  They are harsh but most of these are  not negotiable.  Either you like it or not. Otherwise, you learned your lesson and better luck next time.

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.  Don't try to pull a fast one on the seller, they will give the house to somebody else before your agent can make a point.  Banks want to move property. 

FYI: CONDO properties are a lot harder now a days.

I hope this helps all.

It could be today. I have found that many banks are answering once a week, sometimes twice with specific days to do so. Maybe Wednesday is their day, maybe it's Tuesday and you won't hear until next week. Two weeks seems a bit long on a foreclosure but I suppose it could be.