i saw a foreclosed house that i am interested in buying. The agent for the bank has it listed for $275 i made an offer of $155 because, the property is in a declining market (area) and a house on the block before it just sold for $165 Question: Is there a way i can go to the bank directly with my offer and bypass this bank agent because i think he is sabotaging because sfhe wants a bigger commision. and as i told him i am already pre qualified and could close quickly

The short answer is no.  The agent probably has an "exclusive right to sell" contract with the Bank, meaning any transaction has to go through them...that being said call the Bank's REO dept and see if you can get your way to a decision maker.

Would be sweet, wouldn't it?  I have an identical situation, I saw a home I REALLY like at 379K but the closest sales are in the low 200's and I have decided on the following plan of action.  First, I am going to let the home sit and rack up days on the MLS.  If it's overpriced, no one will make an offer.  And if someone does, you didn't want it at that cost.  Try again, after it's been on the market for 90 to 120 days.  But remember, the asset manager doesn't even have to look at the offer....She/he may be authorized tp refuse anything under the "magic number."  Finally, you could hire an appraiser $300 - $400 (no short cuts here) to do an appraisal and instruct him/her to include foreclosures and shortsales IF THOSE ARE THE MARKET,  Make up your final offer and submit a copy of the appraisal.  (That may get their attention sooner, but time on the market and unsold is your friend).  On top of the offer with the appraisal, put a cover letter and copy the bank, attn:  REO Senior Vice President, full corporate address and let it be known you will be sending it.

They don't have to do anything.....the agent may be shielding the answer person, but she has her orders too.  If things appear to slow down or get worse, you may have a better shot then.