Offering 13% below asking on a studio in Lagos — sensible or too aggressive?

F

finch.able

Buyer
The lack of completed sales concerns me more than the 61 days on market. I am looking at a Lagos studio listed for NGN 1,782,000,000, and the available neighbouring listings do not show what purchasers have ultimately agreed to pay. The unit also needs updating.

My possible opening figure is NGN 1,550,340,000, which is 13% under the ask. I could include financing evidence and offer flexibility on completion, but I do not want those points to disguise any lender or valuation conditions that still apply.

Would you first ask what the seller values most, then decide whether to submit that amount? I would keep protection for financing, appraisal and serious inspection findings, while leaving cosmetic work out of the negotiation unless it materially supports the price. If an expensive defect appears, is it cleaner to seek a credit or reconsider the deal? I would also give the offer a clear, reasonable response deadline.
 
The percentage is less important than the presentation. Submit the amount with financing evidence, your preferred completion range and a short explanation: limited completed-sale evidence, updating costs and current time on market. Don’t call it the property’s true value.

I would retain inspection and financing protection, plus a route out if valuation creates an appraisal gap you cannot fund. Give a clear but reasonable response deadline rather than leaving the offer open indefinitely.
 
What does “clean financing” mean here? If it still depends on lender approval and valuation, say so plainly. A strong-looking offer can become contentious if the seller assumes you will cover any appraisal gap.

I’d also ask the agent whether timing, certainty or price matters most to the seller. After 61 days, that answer could determine whether flexible completion has any real value.
 
One more point: decide your maximum deposit exposure before negotiating. The offer should state when the deposit becomes at risk and what happens if financing, valuation or inspection is unsatisfactory. Those details depend on the contract and local practice, so have Lagos counsel confirm the wording rather than relying on an informal understanding with the agent.
 
I slightly disagree with leading on all the updating costs. Unless there are major defects, the seller can answer that the condition was already reflected in the asking price. The shortage of completed comparables and your financing limits are cleaner reasons for the number.

Keep repair credits for after inspection. If you request a 13% reduction and speculative repair credits simultaneously, it may look like the first of several attempts to retrade.
 
A sensible sequence would be: confirm seller priorities, gather whatever completed comparables can be verified, obtain written financing evidence, and set an appraisal-gap ceiling you can actually afford. Then offer NGN 1,550,340,000 with flexible completion and a defined response deadline.

Limit inspection rights to structural, building-services or other expensive issues, but preserve the right to withdraw or renegotiate if those appear. Cosmetic updating can remain part of your original pricing rationale rather than becoming a later shopping list.
 
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