HELP!!! What to offer on a foreclosure??

There is a foreclosure we are interested in. The houses around have sold in the 200,000 price range. The house is valued at 178,000. It has been on the market for a very short time (3 weeks or so). The house is listed at 219,900. We have already been preapproved with a preapproval letter from our lender. We have about 10% to put down and are doing an FHA loan. Looking to close quickly. What is a good first offer to put on this house? We don't really feel that the house is worth 219,900 (I know you're not supposed to make offers on what you THINK the house is worth)...so, we are just looking for some guidance on a reasonable offer to make. Is 190,000 to low? Any advice would be great- thanks :)