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Does anyone have any experience making a low ball offer on a REO or foreclosure property? I bought a house 2 1/2 years ago after making an offer of about 75% of the original asking price. After watching the market continue to drop I feel like I could have offered 50-60% and still had it...

I purchased my foreclosed home 2 years ago sept.. It was listed at 124,900 I made an offer for 90. They accepted another offer. That fell through, they took the 90 immediately. Looking back though, I should have offered 70; I think they would have accepted that.