Will Somebody Please Tell Buyers that this is not a buyers market....but a Bank Market!!!!!

I must leave it to others to tell buyers that this is not a Buyers Market. We should be telling buyers that it certainly is a Buyers Market because they can buy more house for their money than anytime in the last seven years, at least in my area. In most cases, the asking prices have fallen enough to reflect the great opportunity this inventory represents. If a particular property isn't priced according to the current Buyer's Market, offer some comps based on recent sales with your offer. A solidly financed buyer can certainly have their choice of a lot of excellent inventory that isn't bank owned.

Sure, we always have unreasonable buyers in every market. In my opinion, it is our job as agents to help them form reasonable expectations. Homes in my area are not selling for pennies on the dollar, and a quick list of the sold price vs. list price should convince the bargain-hunting buyer that no one is paying pennies on the dollar. "Fantasy Buyers" who will not listen to your expertise should be referred to your competition.

Real Buyers must be sorted into "Buyers of Short Sales", "Buyers of Bank Property", and "Buyers of Privately Held Property". Showings begin only after you "clue buyers in on how to get a bank owned property", and they determine they want to take on the frustration and uncertainty. Same thing for short sales. Buyer's Market pricing still prevails in both short sales and bank owned property.

To your point, certainly the banks are holding a large amount of the available inventory. The banks are "making the rules", but no more than any other seller. They can't sell what a buyer won't buy, just like every other seller. The banks can't force an offer with their rules, they can only entice an offer with a low list price. A "low-ball" list price can attact attention, and if low enough, generate offers. Certainly the condition of their properties will do little to encourage offers. For a buyer attacted to a low-ball list price, it may be time to reconsider at the point of multiple offers, and "send us your highest and your best. Sometimes the "low-ball" list price may not be enough to lure some buyers into making an offer, or staying through the bank's addendums.  We are seeing some of the bank-owned listings expire without selling.

Therefore, there is no Bank Owned Market, there is only a segment of bank-owned inventory in a Buyer's Market. Without a Buyer's Market price on that segment, it will still be out there for sale just like every other stubborn seller that doesn't realize it's a Buyer's market.