Reply to Waiving finc contingency -- what are we risking?

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[quote=Anonymous]Could the experienced home buyers here help me understand exactly what we are risking if we waive finance contingency?  Sounds like that contingency is only "live" for a certain period of time within the 30-day contract, and then falls away, is that correct?   We aren't worried about qualifying for the loan.  Not possible we'd lose our jobs, for example, while working to close contract.  What really worries me is the time involved in getting to close with the lender.  The best quotes we are getting is from a credit union that isn't as quick-draw as the local private lender folks who work on commission.  What happens if, for example, we are fully approved but it takes more days to close, pushing beyond the 30 days or whatever specified in the contract.  Do we risk losing our EMD then?  Exactly what are we putting on the line if we waive financing?

I think I understand the others.  Inspection: obvious, and we can do a pre-inspection to get around that.  Appraisal: if it comes in low we make up the difference.  But financing...not 100% sure I fully understand the ins and outs of waiving it, and would really appreciate some been-there-done-that advice.  [/quote]

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