Everything is negotiable when buying and selling paper. Just like when you buy a bond, the price paid will vary based on the terms of the bond. If the first has a favorable interest rate for the lender (ie interest rate higher than current rates) then they will likely want to charge a premium, if unfavorable, you should be able to buy at a discount. Also, if the loan is in default, their first price the bank gives to you will probably be the total amount owed them, including arrearages and collection costs. This is not necessarily their last price.
Remember, it is all negotiable. Make your offer and be prepared to walk away. If you are not prepared to walk away, then be prepared to pay whatever they ask. It truly depends on how invested you are in the final result. Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty