Claire, depends on what you mean by property worth! The valuation is probably in the region of 280-320k based on size (167sqm 3 bed apartment) and the agreed price is 160,000. For information purposes, apartmently 2 bed apartments in the same development were trading at over 400k just 18 months to 2 years ago!
I did actually get it on at 210k after haggling with owner, many viewers, no one placing money down. owner had enough so decided to take the highest bid I had. I have informed the buyers they will get hacienda knocking on their door next year but in view of the deal they are happy to pay the extra.
Re cash/black, Flos, cash is not necesarily the same as black money. You can buy a proeprty cash – the transaction is obviously faster and takes just a matter of days. Black money is underdeclared money, and this can be cash (ready notes) or cheque! And sometimes approved by the banks as well.
It is illegal, and if caught the sentencing can be very severe.