Im doing my first cooperative short sale with Bank of America.

I received an email from the 3rd party thats handling the file for Bank Of America (loan resolution).    

I told her we have a $120k offer on the property and she said Bank of America has suggested a list price of $144k.    So I asked her what the min Net was and when to submit offer and this was her response:

"I am happy to hear you have an offer, we will hold off on submitting any documents until that stage of the process. The minimum net I do not have access to that information. Now I will not discourage you from submitting any offer at any amount, however please keep in mind the investor is looking for offers either at the suggested price or higher. All offers can be submitted, however we cannot guarantee whether or not it will be accepted. Also, please be advised once we do hit the marketing stage every 21 days you do not have a offer there will be a price reduction which I will be assisting you with."

My reason for posting this on this board is Im wondering if anyone knows how much they typically reduce the price by every 21 days?

I know FHA loans have tiers but Im wondering if the cooperative short sales have similar tiers as well so we can predict what price reduction will come next if the buyer isnt willing to come up on his offer.

Thanks!