Eric, the difinitive answer is...it depends. Assuming the seller has the equity to accept an offer 10% less than the asking price, is he willing, especially having already reduced the price $20K (how recent is that reduction)? Just because the property is in foreclosure, that doesn't necessarily mean the seller is wlling to reduce the price another 10%, even if WE see the reality in the alternative - a foreclosure auction. The seller may or may not. Also, he may have several months before the auction and, therefore, may want to hold out for a better price. Bottom line is there are many factors which weigh into the decision to accept (or not) any price. And we are not mind readers.
On the other hand, does the seller even have 10% equity? If not, an accepted offer would create a short sale situation, which is contingent on the lender's approval. So, the seller can accept anything he wants, but then you may find yourself waiting a month or two (or longer) to find out whether the lender has also accepted your offer.
Your best bet is to get these and other questions answered in order that you can know how you're able to proceed, or hire a professional to help you with those questions and your possible offer.