With each property (bank owned or standard sale or short sale), you want to research the value before making your offer. Autmatically lowballing on every home will be a time waster as many homes are already listed for a price under what they will sell for. Do your research and offer what is fair and works for your budget, on each property. Yes, it takes more time and effort, but it will be worth it in the end. If you are working with a good agent, they will do the research for you.