Otay Mesa is SOLD!
Hooray, after multiple offers we opened escrow with a military family and the house is now sold! Congrats to the new owners who were VA Loan buyers. A lot of investors here in San Diego and house flippers hesitate to accept a VA financed offer. The real estate agent representing this VA Buyer did a good job so we went with them and crossed our fingers.
VA appraisals can be strict sometimes but I wanted to sell to this buyer because we had other military families all living right around the property from what I observed. They offered $802k and I knew it would likely not appraise as the highest comps were around $770,000.
Home values in San Diego have been increasing around $10k a month but this appraiser did not give me a penny over the last sale of $770k. Any time a VA appraisal comes in short it gets sent to an online portal called Tidewater. Here, you have an opportunity to rebut the low appraisal and try and get it bumped up. It all worked out, the buyer chipped in an extra $10,000 out of their pocket and we ate $22,000 so the final sales price was $780,000.
Still an awesome deal and I am happy to make a dream come true for a military family. On to the next house!