Posted by Bill on March 13, 2002 at 20:20:44:
If you’re trying to buy as an investor, why not try an offer at what the 3br homes are selling for or a little less. You’re trying to get a deal here , right?
The extra 2 bedrooms were probably added because the seller needed them. Fine. He built them and used them and got his money’s worth from them. That’s his problem now. There are lots of overbuilt houses in neighborhoods. Thet’s the choice of whoever overbuilt them. Not your fault. The seller will have little possibility of recovering their extra money spent. The area is only worth what it is worth. Their reward for overbuilding is the use and enjoyment they got from the house while they had it. Keep your bids in the area that works for you. To overpay for an overbuilt house is “not prudent”, IMHO.