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TM
andyp
To be blunt, fuck off, no.
Although the bank's valuation has the effect of reducing the affordability of the house, your offer is your offer, not the bank's.
That the bank won't lend as much as you want is your problem - from a 'moral' perspective you should not be asking the sellers for anything here, you should find the money. If their position is so weak that they will be willing to meet you somewhere you are then exploiting their position (yeah that old chestnut).
Practically speaking they might meet you somewhere or they might tell you to do one and go to the next buyer on the list, your gamble.
Personally I'd be getting the money together to meet as near to my offer as I felt comfortable with (cash, another lender?) so that when I went back cap in hand they got the impression that I tried and had as few excuses as possible to refuse.
Edit: The implied context here is that you want the house. If you don't want the house, all bets are off.