My condo appraised 120k less, because doesn't have parking.

[Roberto Cordero]

Hi guys,

I'm actually selling my condo in Gaslamp qtr in Downtown San Diego. Accepted an offer through VA and the appraisal was 120k less from the asking price. The reason, just because it doesn't have parking. Not having parking will bring the price down that much? The appraisal is almost the same amount that I paid 2 yrs ago for the condo and I used VA. So, there is no way in life that appraised 120k less just because doesn't have parking.

I would like to know your feedback.

[Roberto Cordero]

Quote from @Corby Goade:

What kind of advice is your realtor giving you?

This isn't because of the VA loan- please don't put that out there. VA loans are awesome and we need to to give vets a fair shake at getting properties. A certified VA appraiser isn't going to appraise the house for less simply because it's a VA loan, that's just not the case.

With as competitive as the market is right now, your P&S should have some protections written in for you regarding the appraisal and your realtor should be guiding you through that process.

One other thing to keep in mind- an appraiser is just one person taking a guess at value. The lender obviously REALLY cares about their opinion, but it's an opinion none the less. You could have another appraiser out there tomorrow who gives you an appraisal $200k higher. Happens all of the time. 

Best of luck!

@Corby Goade I'm not trying to talk bad about VA loans. Unfortunately, that was my case. We did submit the comps and the appraisal came higher. Thank you for your feedback.