Buying a REO from wholesaler - deed still in process

[James Noe]

Forgive me if this is in the wrong forum.

We are looking at a triplex that went through the bank and was bought as an REO from an out of state wholesaler. He said the deed is not in their name yet, it is still in process.

The plan was to get an agreement and under contract, when the deed is in their name, run a title search and make a call to buy or not.

With this scenario, what else should I do on my end to keep me covered?

thanks all!