Making a offer on a REO property

[Mikilyn Hiles]

There is a home that has been abandoned for 4 years....the owner went thru a divorce that stoped the bank from foreclosing on it for the last 3 years....they were finally allowed to take ownership of the property about 3 months ago. It has been listed for 62 days. The org. asking price was 99k, droped to 89k on day 32 and 69.9k today...the property needs about 80-90k worth of work done it to be able to move in (all heating and plumbing cooper riped out, windows broken, graffti inside, and roof leaking just to name a few things)...when its complete it would be worth 150 to 175k. We made a offer of 25k cash on day 16 (was listed 99) and it was rejected and as far as I know we are the only people that have been in the house. We have saved 40k and really cant see paying more than that....so should be offer right away or should we wait since they just droped the price....any advice would be great!! Oh this would be a home that will be our primary residence if that matters and we are in nj.