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Hi Tom,

If that's the case with the CMA, when I get a real appraisal, should I get one separate from the mortgage broker/loan company, and do I have to ask for a detailed appraisal, or is it automatically done?

An appraisal by an independent, certified professional appraiser will run you $250-$400 for a typical SFR. If you REALLY want one done in your own name you can always get one. Otherwise... if you just want a good & realistic value analysis, and if you have a good loan broker, they can call a local appraiser and ask for a general value quote. The appraiser will usually give a fairly market-qualified answer, albeit unsupported with research and documentation (which is what you pay for when the real appraisal occurs.)

You'll eventually pay for the appraisal, as required, when you're getting your file together for underwriting the mortgage.

Dave Donhoff
Foolish Mortgage Broker
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