what to offer on REO?

[Carrie Riechers]

So im looking at an REO, it was listed for auction Feb 2014. The bank bought it back a month later at said auction. It wasn't reposted for sale as foreclosure till December of 2014 at 125k they dropped the price late January to 94.9k.... Do you think that's their bottom dollar. Would I be wasting my time throwing out an offer less than 90k? It needs probably only 5-10k in rehab. TIA.

My husband wants to low ball. I want to guarantee its ours.