—Thoughts and strategies for putting offers in on these properties or just walk away and find a seller that has more realistic goals?—
The seller may not know the market as well as an active buyer, but he does know his house better than you do. I live in a 100 year old house with plumbing and electrical completely replaced about 10 years ago. That’s not something a buyer would see looking at my house a few similar ones, but it is something I am aware of and would price accordingly. When people do “comps” they look at basics like size, nothing that detailed.
I also know my house is more flood proofed than my neighbors because I did it myself. Short of close up pictures of the caulk and cement fill I used, there is no way to convey it. For the pipes, at least you can see the pretty gleaming copper. (Yes, it is ten years old and gleaming because I paid someone to clean and polish them where they are exposed 2 years ago, and they are still gleaming)
“We refuse to over pay for a home”
Casting a wide net over several large areas and being patient is the best way to get a deal, so you are doing this right.
But there are plenty of worse things than overpaying for a home. A distant relative overpaid for a house in North Park by maybe 10%, more than $50,000. But this was in 2011, so this “overpaying” for a house has resulted in a $150,000+ profit if they ever sell.
The house had some je ne sais pas elements that made it better than close comps in size, lot, condition. Not even close to $50,000 better however.
