Making offers on REO's that the bank will accept

Hello ppl of BiggerPockets! I have a question regarding purchasing bank owned properties. Anyone out there have experience purchasing REO's, and if so, do you typically offer the listed price, or below the listed price and by how much? I know there are a multitude of variables to consider in each situation. I'm just wondering if there's any "rules of thumb" that people have adopted or if there's any information I should be aware of from the banks persective and regarding their expectations about an offer that they would accept. I greatly appreciate any information or feedback given about this topic.