Waive appraisal?

[Cpatrick82]

Hey I'm buying my first home! What does it mean when my agent asks me to waive appraisal so long as home appraises within 1% of the contract price? List price was $229k our best and final is going to be $250k with $30k down. Sorry I'm little confused!

 

[TigerD]

Hey I'm buying my first home! What does it mean when my agent asks me to waive appraisal so long as home appraises within 1% of the contract price? List price was $229k our best and final is going to be $250k with $30k down. Sorry I'm little confused!

1. Your agent: Is the agent your agent - on a buyer's agent contract, or the seller's agent with whom you have been working?
2. If your deal goes through, I'd like to know which bank approves a $250k loan without an appraisal.
3. Why on earth would you waive appraisal?

TD

 

[HUD-1]

Not sure but it sounds like there will be an appraisal, but the waiver deals with the fact that if it under appraises, the contract is still valid. Most contracts are written so that if it under appraises, then you can get out of the deal and get your EMD back. (or negotiate a lower sales price)

 

[LdiJ]

Hey I'm buying my first home! What does it mean when my agent asks me to waive appraisal so long as home appraises within 1% of the contract price? List price was $229k our best and final is going to be $250k with $30k down. Sorry I'm little confused!

If the listing price was 229k why in the world are you going to end up paying 250k for the home? That right there would be a deal breaker for me.

If this is a case where there are competing offers, then I definitely would not "waive appraisal".

 

[Zigner]

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