This home was just an adorable home in such a unique and cool location of downtown San Jose. It is in a cul de sac and backs to a creek, very peaceful! You would never know you were in downtown San Jose sitting in this home or in the back yard.
This listing was very interesting in that we had so much activity it was just unbelievable throughout the entire time it was on the market. We had multiple offers within the first week. The downside to this home, literally speaking, is that it has a very apparent slope to the floors from settlement. And, although every buyer seemed to just love the home, a lot of buyers did have concern or just simply did not like the feel of the sloping floors. We did have the sloping evaluated and the foundation was strong and secure, but most buyers did want to even out the flooring for obvious reasons.
Within about 24 hours of accepting the first offer, the buyer’s agent informed me that the buyer was going to cancel the contract because the buyer had talked to her lender in regard to the sloping floors and the lender was just adament she would not get a loan with that type of condition.
We put it back on the market and got multiple offers yet again! And, we had basically the same type of situation happen another 3 times, in which the lender or appraiser axed the deal to do the sloping floors.
Finally, we got a FHA buyer that was really motivated to buy the home and the sloping floors do not bother her. Due to the past experience with other buyers, we were a bit concerned that FHA would be tough to get through since even conventional lenders were telling buyers not to even attempt to buy this home beause they will not get a loan due to the sloping floors. And, low and behold, this particular appraiser thought the home was adorable, in good condition, and a great home to buy! She put nothing adverse in her appraisal regarding the sloping of the floor…and wa la, the transaction closed and it was an extremely smooth deal.
So, I guess the moral of the story is…you just never know these days with loans and banks what will happen unless you go through the process to find out. Homes are very subjective and in the eye of the beholder. What one appraiser flagged as of great concern and a deal breaker, another appraiser put right through the system as if the home was in perfect shape.
Oh, and this buyer is one of the lucky ones that will qualify for the $8,000 Federal Tax Credit AND the $10,000 State Tax Credit!