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Fannie reo experiences or advise?

Property has been on the market for 2 months, no offers, they have dropped the price 2 times only 10k each time on the original 490k list, the home is fairly far out of the way and the lot needs a lot of work. Would it be wise to wait for more price reductions or just put in a offer for what we feel its worth? (Which would be 10-15% below current list) thank you
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September 06 2013 - US
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