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As a Realtor that deals with REO and investor buyers on a reguar basis I can assure you t hat banks WILL take an offer more than 100k under asking maybe not the first time, but it happens.
A bank knows their bottom line on a property and will not go below that number just as you should know your max bid and not go above that number . If your Realtor doesn't support your position find another realtor!!!!!! There are good ones out there that will not only put in any offer that you want but may encourage you to go lower!

I always tell my clients that you can't insult the bank! Good luck!

I've been looking into buying some section 8 rentals lately and I found a great book on the subject "The Section 8 Bible " available at www.section8bible.com Its a little expensive but it had alot of useful info in an easy to read format.