Too often I hear complaints and much frustration that banks are too slow at best or never respond to an offer on an REO. The primary reason why banks don't reply quickly is because they're accustomed to receiving multiple offers in a short period of time. The banks have the luxury to hold off until they receive the highest/best offer. In worst case scenario, they can always send it to REDC auctions (multiple times).
Once in a while you hear that someone actually bought a property from the bank, but that would only indicate that the bank exhausted all avenues and finally gave up on the property. It probably went through the wringer a few times. First with a broker and later at the auction. Either the bank did not accept any of the offers or it just was a bad deal for anyone to touch.
We always hear that banks are not in the property management business, but think about, banks are also not in the money losing business either. They employ the best and brightest MBAs to make them money, not give it away.