An appraisal contingency is a clause in real estate agreements that lets buyers back out of a purchase if the property appraises for less than the purchase price. Including this clause provides financial protection and negotiation leverage. However, it can make offers less appealing in competitive markets. Buyers can potentially waive this contingency under certain conditions, such as having cash available or confidence in the property's value, but this comes with risks of overpaying.
An appraisal contingency protects the buyer financially and is often smart to include. It ensures you pay what the house is worth.
Waiving an appraisal contingency could also make your offer more attractive, especially in a competitive market. However, it's risky.
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