The problem is you run the risk of another buyer jumping in and stealing the property from you.
The bank obviously feels it has the home priced right.....your objective should be to prove to them otherwise. Do your homework to determine what similar properties have sold for recently in this general location.
Only option you have determine if in time bank will lower list price then submit another offer. If not keep looking another buyer can secure the winning bid.
NOTE: We have been listing / buyers agent regards foreclosures, also worked with lenders supplying info. regarding a property for values and pictures (BPO)
Many forget the banks expenses when they take possession, bank is not seeking make any profit of sales of home at best just to break even off mortgage amount owed