Waiting for Bank to sign

[John Paul]

I am about to buy my first home through foreclosure -- I accepted the bank's counter offer and signed all documents on April 8 (10 days ago) and agree to close on May 8(they want a quick settlement). It is a local bank owned property and actually the list agent already changed the property status to Under Contract from the MLS the next day. But now I am still waiting the Bank to sign so I could start all my home inspection and apply mortgage. My agent called every day but same answer from the list agent saying waiting for bank to review the whole contract(about 40 pages total).

Is this a normal process and waiting time for bank to sign a contract? Or does this mean I'm out of luck the bank change their mind and won't sell it to me? If this is normal process, do they have to move the closing day so I have time for the mortgage? My family really loves this house and we have no problem at all for getting a mortgage(pre-qualified, 20% down, FICO 780, Debt to incom ratio 25%). We've been waiting for 4 years the housing price to come down to buy our first home.

Thanks all in advance!