we already made an offer to the bank and it was accepted pending the owner signs a promissary note stating they would repay part of the monies due. It doesn't look like the owners will sign, and it will go through the foreclosure process. What happens to my bid? Does it affect my bid when this forecloses, or is it just a technicallity? Bottom line, do I get the house?
This will be our house, not an investment.

The question was answered by :
Pat G :
Been there. Bottom line is you will get it IF the bank feels they can't get a better offer. I go to the banker and develope a relationship so they know I intend to flip it and pay it off so they make a profit.

I don't understand the homeowners that think they can beat the system. I talked to one right up to D-Day and its like he felt he was waiting for the winning LOTO ticket.