"Time is of the essence" doesn't appear to apply to bank owned property when offers are concerned in this market. The current backlog in dealing with offers benefits the banks as they know they've a buyer that's prepared to wait to secure a good deal but they can also use this backlog to delay a decision and continue to market the home and entertain offers. Very frustrating but a fact for bank owned property.
Every agent wants to get their client a good deal and minimize the amount they must pay based on comparables but if a bank aggressively prices a home below that level, buyers must understand that this is a different transaction and short of paying full price, run the risk of others seeing the good deal and outbidding them.
I've seen it from both sides and it's not fun to do a bank owned deal for anyone other than the bank.
Good luck, Ken.