Can you outline what savings to the owner would be in a private sale?

Q.

My partner and I are interested in buying the apartment we are currently renting. We have lived here for three years. We have no idea whether the owner wishes to sell, but we'd like to make an offer and see what happens. We're hoping that the owner will see the benefits of selling to us privately, i.e. not having to pay auction or real estate agent fees. Can you outline what these savings to the owner would actually be, and the best way for us to go about this transaction?

You should start off by researching similar properties to find out what is a fair market value for the property you rent now. Then you will be in a position to make an offer which will be fair to both parties. The cost of selling a property depends on where you live but would be at least 3-4% of the value of the property. You should also talk to a lender to qualify for finance before you start negotiations.