Pre Approved.. house in mind... now what?

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Me and a friend (business partner hopefully), have found a house that is for sell in his neighborhood. It is the eyesore of the block and really need some cleaning up. The color of the house is horrid, but the siding is in good shape. The lot is very large and could be a very nice home to live in for a family. They are selling the property "as is" at a very discounted price, approximately $50,000 less than all the homes its size in the area are appraised for :D . We have a viewing coming up, and we have just been pre-approved for the amount they are asking for. Now what :oops: ...Do we try to negotiate the price down even further, or do we trust the realtor when she says that if we hesitate we will lose it. Do we also hurry and act on buying the house first before we have our finances in line for the rehab money. Let me know if you can think of anything that I will need to address before even thinking twice on this property. Any help that anyone can provide would be much appreciated.

Tyler