Bank REO "formula" for pricing / offers

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Hello,

I was wondering if anyone knew the general guidelines for banks pricing or accepting offers on an REO.

Obviously, banks will list homes around an appraisal amount. But I've often heard that acceptance of offers is based on a formula related to BPO and time on market. Are there any assumptions or general rules on this, or any insiders that know their guidelines for such things?

For example, on day 1, a bank will generally accept an offer within 5%. In 30 days, drop the price by 5% and accept 5% below that, 60 days drop the price 10% and accept 10% below that?

I'm trying to get an idea of what an acceptable/reasonable bid is. Any help is appreciated.