Different banks work different ways. Some will allow offers (bids) to be submitted during the "process period" and others will not even allow it. Reading between the lines here, if the Realtor has already started showings, it was done with the bank's blessing, however, the bank is waiting for an independent appraisal to come back.
Most properties, when going through the "process", have 3 BPOs (Broker Price Opinion) done by 3 different real estate companies. The brokers do these in hopes of getting the listing or for the small fee they are paid. If there is a wide range from these BPOs, then the bank will issue an appraisal be done by an independent appraiser. Without a value known, the bank will not arrive at a price and you can't put a listing into the MLS without a price.
Another thing that could be holding up the listing (getting it into the MLS) is title issues. I once had a foreclosure listing that had a HUGE IRS lien on it. When the foreclosure was done, it did not agree with the way the IRS wanted to relieve the lien..........hence, you don't mess with the IRS and we didn't sell the house over 1 year. It was a phenominal house.
As the wise agents below have said, enlist the help of a Realtor, get a bid in, so when the dust clears you are in the front position.
Best of luck,