It’s almost impossible to use square footage pricing in Pt Loma. Everything is land value… even if it is a small lot and a horrible house. This house does not have a good location in the overall Pt Loma area, but there is a key ingredient here. It is a fast sale because there is no other pocket in Pt Loma selling under $1 million right now.
This house just up the same street sold quickly with multiple offers over asking price. It is only 2 bedroom 1 bath, but slightly smaller. 3 7 0 7 same street. Sold for $821k
Well, I’m finally up to bat. I have a full written offer into the Seller. Turns out that the tenants are not allowing any showings until the weekend. No one else really got their act together to get to the Open House on Saturday. So, I am the only offer the Seller is going to get this week. Maybe I’ll get lucky
UPDATE
The listing agent called me this morning to let me know that she forwarded the offer to Seller last night and spoke with him, and the trust financial advisor at great length. The Seller wants to wait to see if any more offers are submitted from the large group of people who came to the Open House over the weekend. She believes one other offer is coming in but from Buyers who have not even visited the home. Believe me, they will run screaming after they get inside the house.
She is getting a lot of calls, but noone has made a request for showing this coming weekend. She doesn’t know if she is going to hold an Open House or not because the tenants never left the house during the Open House so it was kind of awkward. Right now someone has to text the tenant to try to make a request for a showing this coming weekend and coordinate with the tenant. The tenants work odd hours so I’m not sure they are even replying to any requests.
One would think the lease allows for showings with advance notice. Are the tenants leaving voluntarily?
Assume your offer has a deadline but sounds like you’ll have to wait out the week. Good luck! Other than the airplane noise we liked the neighborhood when we were looking.
Good luck. Hopefully if you do get the property, you won’t have any problem getting the tenants to leave pleasantly and without causing damage. Holdover tenants can definitely be difficult.
It will be good if the tenants discourage other bidders and viewers.
The tenants are leaving voluntarily but are limiting the access because they work at home.
Contract is written that property must be delivered vacant or Seller is in breach of contract and I can cancel escrow. They promise they will be out by May 1
Well, unfortunately another offer came in last night for a higher price. The offer is from homeowners who have 50% down. This is a good offer because I don’t think the house will appraise well at all by the bank and it will be very iffy if someone can get a conventional loan on this house.
My offer expires this evening so the other buyers got their offer into the agent in the nick of time because I think he was going to consider my offer if no others came in
So, I will try hard to get into contractual backup position hoping these buyers run screaming after the inspection. My understanding is that they have seen the house at last weekend’s Open House. I’m just not sure if they know what they are in for because the roof is shot, HVAC system ducting is all messed up. Pretty sure there are old asbestos heating ducts in the ceiling, big crack in the slab… illegal enclosed patio addition that is falling down… etc.
I’ll just have to keep kicking tires until something sticks
Meanwhile, the elderly couple sticking to their absurd asking price out in La Mesa just took the house off the market. My guess is that the agent told them that they had to drop their price to something reasonable or she would stop marketing the listing. House has been on the market for over 6 months
@coralbrook , I just wanted to say that I absolutely LOVED the last house you flipped. I just felt I could have walked in there and been so happy there every day. It was just lovely. Have you gotten any feedback from the buyers? I’m sure they are thrilled.
