When buying real estate owned by a bank or government (REO), the procedure can and often is different from buying an owner occupied property.
A seller of REO generally knows nothing about the condition of the property, the neighborhood, and whether fixtures, systems and appliances are functional. They cannot tell you about the construction or the condition of any number of other things.
7 to 10 days to complete inspections guarantees one thing for the buyer. There is a very high risk for paying money for something not discovered during the due diligence period.