Waiving Appraisal Contingency is Risky Business

Apr 16, 2013 by

Waiving Appraisal Contingency is Risky Business

In many parts of the country the market is hot and prices have come roaring back. This presents a problem for appraisers, and, therefore, it presents a problem for buyers who, typically, have a contingency (often as part of a loan approval contingency) that the property must appraise for at least the contract price. In many areas, sellers are insisting that buyers must waive any appraisal contingency. Often, buyers are willing to do this; but certainly risks are involved. 
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