San Diego Housing Market News and Analysis
Someone send in the waambulance
User Forum Topic
Submitted by nervous buyer on May 12, 2015 - 3:09pm
First time home buyer going through the VA. Our max is $350k which is pretty much the bare minimum of a home in San Diego County. Found a few homes in East County, but cash buyers quickly swooped in.
We went a little further East and found a sweet place in Alpine. Offer made. Offer accepted. Escrow begins. At the end of escrow winding down the issue arises. The home/property is on two combined/yet separate parcels. VA will only fund a loan for one home on one parcel of land.
Our realtor wants another appraisal with just the home and parcel it's on. The original appraisal came through and the value of the home/property is $30k above the selling price. My fiance and I fear we will lose another $400 on the appraisal, because the home will come in under the selling price.
My wine...the seller got a free inspection with what was needed to upgrade the home to sell. The listing agent now knows it can't work with a VA buyer. My fiance and I walk away having put in $1k out of the $3,500 escrow.
Feeling frustrated. Should we find another agent? Someone more experienced with VA loans? I feel an experienced VA agent would have seen the red flag as soon as it saw the property was on two parcels.
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