Could be a dry chain, too tight, or sticking chain links.Sticking links tend to stay at a slightly diagonal position, rather than horizontal, which can be visually spotted by looking at the lower part when rotated, plus you will feel a slight knocking on the left foot rest as well.Could also be wheel bearings I suppose too, but obviously this is just pure speculation without seeing or hearing it.
Check the bike has had the front sprocket nut/washer mod and that it's not suffering from the nut starting to undo. You an see it if you look up/in the cover. Take an oil can and a brush, if the above isn't happening and it has been modded. Oil the brush (don't go mad) brush the chain ensure it's all coated, if the noise goes or quietens down it's a shot chain. Oiling will cause no damage, if he refuses knock him for a set a chain and sprockets, if he won't budge walk away.Top price means top bike, not squeaks
It's not the lock nut that was first thing I checked have had 3 high mileage fazers and never had one loosen, I'm beginning to think that's another urban myth!
I know it sounds daft and almost impossible to diagnose without hearing it but here goes anyway, I am looking at a really good 98 Fazer it's got no problems I can find except an after market silencer and a strange squeak when I rotate the chain, best I can make out is it appears to come near or forwards of the plastic/rubber guide on top of swing arm? I doubt if it's anything serious but just thought I would throw it out there for any feedback. It is not constant but appears every once or twice a revolution of the chain, if he drops his crazy asking price I will probably buy and strip and clean guide and hope for the best, thanks for any help.