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I have seen some lenders do an AVM instead of appraisals, which stands for Automated Valuation Method, but that went the way of the dinosaur years ago as far as I know. An appraisal is 350-400 dollars. Compared with most closing costs, that is not much of a savings to my mind.I think the advice from most here is GET an appraisal, and I concur. I also suggest you shop the mortgage around too. Best wishes, and Good Luck whatever you decide! Jim
Get the appraisal done. It's only a few hundred dollars & should be an unbiased opinion of value. Short money for peace of mind! I have never heard of the option of "opting out" in this circumstance... It would seem to me that the bank would want to have a record of what the current value of the home they are about to lend on would be.
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