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In our previous market I purchased a home listed at $65k bought it from the bank for only $47k. In this economy I found one last purchased for $63k and bought it from the bank for $18k. There's practically no limit as to how low you can go. Have you asked your lending agency for advice? It sounds like you don't have a Buyers realtor, the way you were talking. I would suggest getting a Buyers realtor and that will help you get the best deal.
Just my little two cents here... Make sure you research the title yourself and make sure that there are no taxes, leins or assessments and check with the utility companies too. You can go to the courthouse yourself and ask for those records - that is all that the Title insurance companies do and on both purchases the Title insurance company missed things. I confronted the selling bank with the taxes and assessments that were on this current home and they paid them in full before closing. If I hadn't dealt with that it would have cost me a couple thousand more.
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"Always learn the rules so that you can break them properly." Dalai Lama
My Karma just ran over your Dogma. 
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