Once the BPO is apporved by the bank, assuming it is at or below my max offer amount, they submit my all cash offer which was already executed and sitting on their desk.2.

I have even asked nursing staff questions about persons I have delt with in those situations.

My original partner is not wanting to carry the whole deal as he was just there for credit anyhow, but only for half and is not willing to do the whole thing......I already have an executed contract and am unaware if they have taken any backup contracts.

These decisions are made by executives many positions up from the lowly asset managers.

Your post shows exactly why it is so difficult to execute a "deal" with no money.

I send the listing agent a one page document with the property description, my offer price, earnest money amount, any contingencies, and it contains a line that says something like upon acceptance of the offer the full state PSA will be executed incorporating the terms of the offer as agreed.

Be very careful and read the addendas, they trump your original offer contract.As to the original question, you don't have a "lock" on the REO unless you have a fully executed contract and addendas.

Include the statement "earnest money to be provided by certified funds within 72 hour of mutually executed contract."

If you execute a deed, you have transferred your interest (at the time it is executed, not when it is filed) and if you execute a deed of trust before it is filed and perfected, it is not valid.

From an investment standpoint the next two to three years are going to be critical in terms of developing a strategy to take advantage of real estate assets that have significantly devalued and executing it.