Potential discount for off-market condo purchase

[Kathleen P.]

Hi All,

My neighbors are going to be selling two of the condos they own in their building (not their own unit) and asked if I'd be interested in buying one. I would, potentially, depending on the price. They're planning to get input from a few local brokers on what the condo would sell for, and I'm assuming we'd use that as a baseline for negotiations. I would also do my own research into a likely market price.

If I buy it, they'll save broker's commission, plus cost of minor repairs/ upgrading and carrying it while it would have been on the market, which probably amounts to 6 - 7 percent of the purchase price. 

Things to know -- we live in a very hot market and the condo is in very good condition, so it would likely sell quickly and easily. 

Also relevant (and maybe deserving of its own question) -- my neighbors currently own five of the building's six units, and so I think will have to time the sale so that it happens concurrently with the sale of another unit (I'm foggy on the rules here, but it relates to buyers' abilities to get a mortgage). 

Does anyone have a sense of what I can/ should expect for an approximate discount from market price, or other advice? 

Thanks in advance,

Kathleen