Low Offer Now? or Wit until price drops?

[Eric Tinsley]

Hey I'm still new to this. I found a house I like. It's a foreclosure I've been watching. I've already determined the most I should spend would be 160K. It was listed at 150K; looking at the pics I thought I could put 10K into it and sell it. After doing an actual inspection; it's going to need about 60K in work. The price dropped down to 140K. I know it's going to keep dropping. I want to offer them 90K, should I wait until it drops more? I know it'll probably sell for a little more than that if they really hold out, but not much more.