Appraisal Contingency: Should You Waive It?

Waiving Your Appraisal Contingency? I don’t like my clients waiving any of their contingencies. In this extreme seller’s market buyers are being forced to practically give away their first born child in order to win. I am seeing market conditions cause buyers to feel pressured to waive the appraisal contingency. In my opinion removing the appraisal is one of the riskiest contingencies a buyer can give up. However, this is an intense market and sometimes you have to take an informed risk to win. So What is an Appraisal and why Do I need one?   When the bank loans you money on your home they want to make sure that you are not paying an overinflated price. To ensure this, the lender contracts an appraiser to evaluate the fair market value of the property. The appraiser is also making sure the home is in livable condition. If everything checks out the bank … Continue reading Appraisal Contingency: Should You Waive It?