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Same happened with us (35k downvalue).
Maybe play it straight, as you say, and explain transparently that it gives you that extra 5k, so go in 25k less as a starting point. If i was the seller I'd have done those maths and appreciated the honesty / gesture. I'm crap at negotiating though, our sellers barely budged and we borrowed and sucked most of it up.
greeno
We've had our house downvalued by our mortgage lender by 30k (~5%) - do we play hardball and just say thats our maximum offer? we could realistically add 5-10k of cash if we needed to.
They're a husband and wife (with kid) who are living in separate countries until the house exchanges so they should be keen to get moving..
My worry with just reducing straight to the valuation price is that they will know that 30k less price = 5k of deposit funds less so they would know that at the very least we would have 5k