Durham_e - 9:10 pm on Mar 31, 2008 (gmt 0)
I agree with your approach Fortune Hunter for all the reasons you give. However, it is difficult to be able to appraise a name accurately without some idea of traffic. It is unlikely the current owner given the circumstances would have that information. Can you make a comparison with recent domain sales? does it have a bundle of links? Google PR? At least those are things you can check out without reference to the owner. Other than that ..... think of a number.