Hi Lil sLim. If you are thinking about purchasing a property, you should consult a Realtor and it would be better that it isn't the listing agent of the property. Currently that listing agent is working for the homeowner and owes his/her agency to the owner, not you. It is possible for them to represent you too but until they formalize that with you, they aren't going to give you any ammunition for you to make a low offer. Find a reputable Realtor to represent you and they will be able to help you with price. As an aside, when you do have an accepted offer on a property and assuming you are financing it, the lender will require an appraisal. If the appraisal comes back lower than your offer, in most agreements, you have the right to ask the seller to lower the price to the appraised value or to get out of the agreement.
And a comment on the previous post from Carol : I'm not sure why you are cautioning to not buy in Las Vegas. Because of the REO properties on the market there are some tremendous deals. Finally folks who were priced out before--school teachers, civil servants, hospitality workers, etc., can finally buy a home of their own in the city they choose to live and work in. I shall also say that the investors (true investors, not speculators) are back in Las Vegas with gusto.