I'm thinking about buying a foreclosure

[Trip]

I'm thinking about maybe buying a foreclosed home I found that needs some repairs etc. The bank reduced its price from 95,500 to 84,000 on their website. Houses on same street were selling for around 115k for same size etc.

This house is 15 yrs old and online tax records show same owner for a long time so I assume his loan was no where near the asking price.

How long do banks leave houses on the market hoping to get their price before they just cut 'n run and take any low but reasonable offer? I thought about offering around 75,000 because it does need a lot of work.

Is now the time to pounce and buy a foreclosure?