Functional Obsolescence/House priced way over market value/What to do?

[Caligirl]

If they think that the above ground pool and hot tub etc are worth so much tell them to take it with them. It is personally property.

And then they will have to accept that you will deduct the 'added value' amount the realtor calculated for those items from your offer, no haggling now!

 

[Metamorphic]

In addition to all the rest of the good advice above, you should also consider that given the return this seller is expecting to see on his improvements, you may be able to buy a property that is similar but not improved and make the improvements that are important to you and still be under this guys asking price.

 

[Webbed Feet]

<... snip.... >What would you recommend that we do at this point?

Laugh! Keep house shopping... if you have not found a different house in 12 months... make the same or a lower offer on this one again. The neat thing in this situation is that sellers can only set the asking price, ultimately it is the buyers that set the selling price. Unless buyer's brains are falling out of course.. something known to be happening 2003-2005

Webbed.

 

[Ted Martin]

The seller is probably upside down, and may not have much room to negotiate. Wait till the lender forecloses and then buy it for a substantial discount.