For sale by Board Foreclosure - questions

I know what to expect in the unusual situation; offer to the seller, counter or accept or counter and then accept, then the contract is signed and it goes to the board as a whole package. If they approve your application package they call you in for a personal interview and if all goes well, they approve the sale. In this case, there's no owner seller, as they didn't pay the maintenance and so the... [more]

I know what to expect in the unusual situation; offer to the seller, counter or accept or counter and then accept, then the contract is signed and it goes to the board as a whole package. If they approve your application package they call you in for a personal interview and if all goes well, they approve the sale. In this case, there's no owner seller, as they didn't pay the maintenance and so the board took the apartment back. It's been posted online for a while, so no buyer broker. We just made an offer to the building agent who was showing it (and coincidentally lives in the building AND is on the board) who sent it to the management company. The management company sent it to the board president. He has it, and will be bringing it before the rest of the board at their next meeting. (who knows exactly when it will be). Here's where I'm looking for answers. I don't really know what happens at this point; does the board review and come up with a counter? Do they settle on a price they won't go below, and let the management company handle it? And if that's the case, why not have done that already? Has anyone had any experience with this sort of sale, and can give me any guidance or a road map? [less]