REO Auctions - % discount off list price?

[Scott Brown]

Hi all, looking at an REO foreclosure that is at auction. The auction states the list price is 86k, starting bid is 62k. For additional background, the property has been auctioned and re-auctioned for months with no sale. The highest I've seen bids in the past reach is 67k. Currently there is no other competition on this property for reasons that aren't relevant to my question.

I *THINK* I read before that banks may accept up to 20% off list price(but probably not more)...

Does that sound right to anyone with experience in this area?

I’m trying not to overbid but still win the property (obviously).