Making an offer on a bank owned property is fairly straight-forward and simple. For bank owned properties, there will not be a Sellers Property Disclosure provided.   You will be purchasing the property AS-IS …usually with right to inspect.  Your Real Estate Agent will generate an AS-IS Purchase Contract for your offer.  Your Agent will submit your offer along with your proof of funds (for a cash deal) or your pre-approval letter (for financing) to the Listing Agent.    

For bank owned properties, it typically takes 24-72 hours to get a response from the Seller (bank).  The Seller may outright reject your offer, they may counter back, or they may accept your offer.  If they reject, you will have the opportunity to submit a stronger offer.   If they counter back, you can negotiate with them to an agreed upon price.   If they accept, congratulations!.  

If a Seller (bank) receives multiple offers on a bank owned property, they will usually ask for “highest and best”.   This gives each potential buyer the opportunity to submit their highest and best offer.