On average, buying a bank owned property can take longer, sometimes much longer. But it really depends on the bank, how long they've been holding the property, and how the market is doing in your area. The bank wants REO property (real estate owned) off their books as fast as possible. Sometimes you'll get a quick response, similar to a normal sale, sometimes you won't.
Regardless of the list price of the home, don't think that some discount off of that price makes sense. You need someone educated about the market who has access to the data to help you determine what it's worth. You don't want to pay $535K for a house listed at $600K, thinking you're getting a deal, only to find out it was really only worth $500K. Then you're going to be the one in foreclosure.
If you have an agent, they should have all of this information. And don't think that by doing it yourself that you're going to get a better deal by avoiding the buyer agent's commission. If the bank is listing the property with a listing agent, as most do, then the listing agent is just going to pocket the commission that could have been paid to your buyer agent.
Hope this helps,