Finally after 1 year search I found my dream house, it happened to be foreclosure. When I looked up the neighborhood, when I drove by and the minute I walked in the house I knew it was underpriced.  Having the lessons of losing the deals even in buyers market(read my other posts for details) I decide not to waste any time and put an offer of 100$  over asking price. Another trick I did is I told them that I will be putting 40% down payment.  Here is a trick, larger the down payment more serious you look as a buyer.  I have learned it on a previous deal where I went 15 G over asking price with 20% down  and lost it to somebody who claimed to put larger down payment with even lower bid.  I believe he was just bluffing because it is hard to believe somebody will give so much cash away especially in such downturn economy where all are tight on cash and liquidity and when 20% is enough to avoid PMI and get all benefits  but he got a deal.  So I learned my lesson and found out that by the time you are ready to close the seller does not really care where money comes from since he gets it all in bulk form you and the bank giving you the mortgage.   And even if any questions are asked(was was not in my case) you can always say you had some potential money that did not come on time, what are they going to do, cancel a deal, not it makes no difference to them anyway at the end but does in the beginning once you are in a race between the bids.

Anyhow, to continue my story,  Bank got back to me in 1 day and asked if I could close by the end of the month.  It was March 18 so I thought they were joking and just checking how serious I was so not to lose my dream house I answered yes.   However, once I got a contract it was something even my lawyer have not seen, they put down the addendum that I have to pay 100$ for any extra day if I do not close by the end of the month.  Event with that I figure it would be extra 1000$ at the most what still kept the deal very good.  I agreed and staying on top of everybody I did close in 12 days with bank of America where I got the best rate 4.8 plus no closing cost.  But it was a tough time I had to make 10-20 phone calls a day and make sure I stay on top of it. 

My inspection report came back with some minor problems and 1 major problem that we did not how much it would cost until we start working on it was that many pipes were busted what is common with foreclosures properties which were not winterized properly where most of them are not.    Even if water was shut down on time as in my house, water needs to be drained otherwise it freezes and bust the pipes.   Even after hearing that I was determined to get a house since I know that even with repairs it will be appraised much higher and I will have instant equity.   Even though house was sold in AS IS conditions, my attorney advised me to ask the bank to fix some things.  I decided not to go crazy and not to list all small things on my report and just put down the pipes.   I was so surprised when they agreed on covering  the cost and will fix it before closing.   Here is the lesson, not all banks are evil, but if you treat them nicely where I agreed on every of their trim they will come back with some compromises.   It could be also another thing where they wanted to close it ASAP and were afraid that strong buyer like me will cancel the deal when they wanted to get books done by the end of the month. Or it could be positive outcome of banks bureaucracy.   In either way I got it.   What was my surprise when I saw the bill of 7000$ that bank covered when my inspector told me it will be 100$ at the most.  Anyway I did not care since I did not paid for it.   I was also surprised that they fixed some things that I signed that I am aware fo them not fixing it such as busted toilets. 

Good luck to anybody giving to go through my steps and hope you get lucky.  I will be glad to share any more stories or give my advice to anybody going though the same situation.