Need advice on REO offer/price difference

[Kyle George]

My wife and I are looking in to buying our first home (we currently live with her father) and have heard that a forclosure would be our best bet for a good deal. I've been looking on some forclosure sites and have found a home that is an REO and the site lists the price as 76,169 which is the "opening bid" price. However, on the same site under the "resale homes" section the same home is listed for 119,000. Obviously this is a sizable difference. The listing was posted 4 months ago and apparently it still hasn't sold. My wife's boss told us that the opening bid price was usually the lowest the bank would take for the property. The loan balance was 89,000. Considering the difference in the two prices, can anyone tell me a little about "opening bid" prices and if I could likely get the home for that price? The other price (199,000) is a price listed with a real estate agency. I would really appreciate some advice. Thank you