How Do I Approach HUD Bid With 2nd Price Reduction?

[Hans M.]

I've been reading a lot on the forums about how to bid on HUD properties, but I am still confused about how to approach a property that has had a first, and then a second, price reduction. Does the 88% net HUD rule still apply in each instance, or will the typically acceptable percentage drop on each price reduction? Any help would be greatly appreciated.