I have tried doing a similar thing after my buyer's short sale deal fell apart - as the sellers attorney, doing negotiation, didn't do much and the bank rejected the deal...no matter what the listing agent and I did to make the deal happen (the attorney didn't allow any access to the bank).
I was even able to get to the right person - the asset manager inside the bank - but she would not consider my buyers' great offer (cash and even over market price), their desire to pay off the condo association 35K dues, or my "only one agent's" commissions.
The property went on the market at the same price my buyer was offering, in July 2011, stayed on the market for 5 months, with one price reduction and the listing expired. The condo did not sell at all.
My buyers were no longer interested in buying a condo by then and wanted a house instead.
The bank still didn't sell or rent this condo, to this day - and the maintenance fee is $1,500/mo. and the bank is also paying real estate taxes and assessment on the property (a large one, as balconies are being repaired).
Despite a huge potential loss, CMAs, quick sale and cash buyer consideration - the bank's representative could care less about her employer making/not loosing money. I hope this experince is not common, but I have talked to other agents - and many had similar experiences with asset managers.
If anything, try to become this bank's REO agent (if this fits your business model).
Hope this helps,
Beachfront Realty, Inc.
The best thing you could do for your clients at this point is to either try to contact the current owners and offer to purchase the home as a short sale, or advise them to consider other homes.