Countering with a BoA property?

[Casey S.]

Was wondering if anybody might have some tips for me?

Ive purchased a number of REOs but they have always been fresh listings that were good deals the day they hit the market. Offers were usually close to or above asking price. This is my first one to try to work thats been sitting stale for a while. Listed mid January for 151,500, two reductions since down to 139,800, last reduction was three days ago. I offered 119,100 and they responded within 12 hours with 137,900. I countered at 120,000. I am comfortable going up to 124,000. Hindsight I probably should have started lower. Once they counter back should I play the $500 and $1000 at a time game as long as I can and will they even play that game or should I just tell them highest and best is 124,000 and stop wasting everyones time?

Or is trying to deceifer any ryhme or reason to their process pointless?