[Closed] ok, so I'm about to buy a flat... best way to get the best price?

If you were just going to buy [i]a[/i] flat, I'd agree. They know you want [i]that [/i]flat and won't swan off and buy a different one. Go in with what you think is fair and back it up with reasons why you can't pay a penny more.

What part of SE London? The market is on the move again, but unless it's Chislehurst, Dulwich Village or suchlike £240k is dreaming

There are a few areas where the crash didnt happen - it ha a blip

Your in one - im in another

Assuming the previous owner MUST take a loss will leave you without a house.

While they want to sell many folks mortgages cannot take the loss so they will continue to rent.

They'd be a bit daft to sell at loss. Prices will go up, especially in that London. You can try an offer but be prepared for rejection.

I can't be doing with all this negotiating malarky. Any reason you can't just make an offer that you think is the right level, take it or leave it?

As above, they may not want to rent it out and would rather sell but if they're in negative equity based on the current market value then for many/most people taking that hit just isn't possible. Being a landlord isn't ideal bit it's better than "paying" £1000s to the mortgage company for selling your house.

Ask them what they want for it, if they say offers start low but fair. Say 200K and go from there. Another option is get an estate agent in with a view to "selling" through them for an evaluation.

In parts of S London flats are going for £40-£60k over asking price. It really depends whereabouts you're talking, and how unrealistic they're being with the asking price, but there is a lot of demand around that sort of price point, so you may be better making a slightly bigger offer if it'll avoid them putting it on the market.

Put in an offer just below what you're prepared to pay - £200k. Insultingly low will probably result in them feeling insulted / not trusting you can pay it. I would point out the mouseprice figures to justify your offer. Remind them that they're saving money on the estate agents and also rental income (e.g. if you moved out for them to sell it). Don't go increasing it at the drop of a hat. Good luck!

I have flats in SW London & the prices are high as there are just so few coming on the market - I reckon the actual sold prices are rising c 3-5% pa on average, people do ask more but they go for (usually) the last actual sold price + say 5k.

A good way of checking you are not overpaying is gross back the rent pa at 5% yield, so annual rent paid less service charge (estimate if not known at say 1000 gbp, 1500 if there is a lift) less ground rent (say 250) x 20.

You should get a fair valuation.

Good luck, the hot spots way outperform the local areas that are not so good, look at the local shops for a reality check.

Offering 175 would not be a good start. the worst that could happen is you'd piss them off, an they'd be reluctant to deal with you.

That's Happened to me in the past.

I'd just offer what you think is fair / can afford and see what happens, worst case is you just carry on renting. I wouldn't offer £175k if that's low relative to the market, as they'll just think you're taking the piss and that will colour their view of you with regard to future negotiations. I bought my house of the previous owner in a private sale and we both had it valued, averaged the two figures, agreed on that and then reduced it by half the estate agent fee so we both benefited equally from the private sale.

Is there anything wrong with the flat that you can use as leverage?