Is it Wise to Waive the Appraisal Contingency?
Posted by Hank Miller on
Is it wise for buyers to waive the appraisal contingency? Appraisals continue to cause agita among many in the home buying process. Is the answer to eliminate it? Current offers reflect the “current” market (listings/pendings) while appraisals reflect the “past” market (solds). This is an inherent conflict especially in a transitional market. When inventory is tight and seller markets exist, the "cleanest" contracts get the most attention. Cash buyers can obviously waive the appraisal contingency completely. Buyers with mortgages must have an appraisal, but there are ways to ease a seller's mind even when an appraisal is required.
Waiving the appraisal contingency is done to present a more streamlined and competitive offer. Completely eliminating the…
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In the event this Agreement fails to close due to the default of Buyer, Seller’s sole remedy shall be to retain the earnest money as full liquidated damages. Seller expressly waives any right to assert a claim for specific performance. The parties expressly agree that the earnest money is a reasonable pre-estimate of Seller’s actual damages, which damages the parties agree are difficult to…
added insulation and the product is very easy for architects to use in design. Synthetic stucco was meant to be a barrier system that kept water out, but poor installation (mainly flashing issues) can allow water to penetrate and remain unable to escape. Over time, the trapped moisture will eventually eat away sheathing, structural framing, and even interior finishes. Mold, fungal growth and rot are common. Termites are a…