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Real Estate offers on foreclosure homes... how low can I go?

I am searching for a house, and I obviously want a great deal with the housing market being like it is. I found a great little "gingerbread" house that would be just perfect for me, and it is a Fannie Mae foreclosure home. I was advised to make a low-ball offer, and it would probably be accepted. But, how low can I go? It is listed at $75,000.00. It has been on the market for at least a couple of months, judging by the snow-free photos online. The real estate agent says that, even in a good market, it is probably not even worth quite that much. Single Family Property 2 total bedroom(s) 1.5 total bath(s) 1 total full bath(s) 1 total half bath(s) Approximately 1014 sq. ft. 1 car garage Parking features: SLATE Heating features: Heating Fuel Type:OIL, FORCED AIR Forced air heat Inclusions: WATER HEATER: GAS Exterior construction: VINYL, Foundation: BLOCK Approximate lot is 55 x 132 Zoning: RESIDENTIAL Utilities present: PUBLIC WATER, SEWER WASTE Parcel Access: CONCRETE, PUBLIC ROAD I live in Wisconsin... and I heard that in inner city Milwaukee, homes that are assessed at $80,000.00 are going for as low as $15,000.00. I am not in inner city Milwaukee (or any part of Milwaukee for that matter), so I don't expect to go that low. But, what would you offer? How low would you go?

Public Comments

1. If you really like the house, make an offer of 15,000. If you look on realtor.com, you'll see homes listed for as low as $5000...and that's a 5 bedroom. Attach a $1000 check to your offer. Make sure to state that cashing the check constitutes an agreement to sell...realtor will help with this. Also put that you are looking at other properties and time is of the essence. Just some suggestions.
2. You need a Current Market Evaluation. Banks that own houses look at what houses have sold for, and in this market, it only dates back a matter of weeks. There are comparable houses out there, and the bank will have the house appraised at least once, and probably two or three times. They will also look at the SEV (taxable evaluation). A little advice, don't look to the value of houses in areas outside of the area you are looking at. I live in the Detroit area, and house's values depend on location, the city, the school system, and desirability of the area pre-BUBBLE prices. You need a Realtor who is familiar with buying and selling in the crappy economy. You need a representative with a proven track record of dealing with banks. Just remember, every great deal brings down the value of the surrounding property.