Our lender says an appraisal is not needed for a home mortgage we have applied for. Values in Marshalltown are all over the map so I'm not sure what that exactly means.
Asking professionals - should we still get one or not? I think it will be about $400.
I find this suspect. In 20+ years of lending, I've run into no appraisal purchases maybe 5 times. A PIW (property inspection waiver) is typically done on refinances when the value is understood and the equity more established...however, 30% down is a significant amount and you're probably a very strong borrower. (good for you)
That being said, unless you have a definitive reason to put that much down, I might reconsider stopping at 80% and keeping the 10% in your pocket. Any time someone moves into a new home, there is need/want to have something a little extra. You can always accelerate your amortization schedule by making extra payments to principal over the course of time.
To answer your question, if you contact an appraiser directly and tell them you'll pay cash, it will cost you less than $400. Most appraisers are affiliated with AMC (appraisal management companies) who rake a large portion of their cost to be on their list of appraisers. You tell an appraiser $250 or $300 and you will get a solid appraisal.
Finally, remember that your lender's money source has data up the wazoo about your property. If it's being sold on the secondary market (Fannie Mae, Freddie Mac), it's been run through a DO or DU which is an automated underwriting system that bounces both your information and the property information off their databases...with Fannie Mae's billions of data points they've been collecting over the past decades, they know the value of nearly every home in the US based on address, comps, etc.
Anyway, if you need any additional help or have questions, PM me. Good luck.
Congrats...buying a home is fun.