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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]As an agent once told me:

“Its fine to waive most contingencies. However don’t waive the financing contingency, unless your dad owns bank or you can pay cash for the entire house.”[/quote]

This is my fear.  It sounds like waiving finance contingency is basically gambling that the seller views moving on to try to sell the house to someone else as such a hassle that they would be lenient and give you extra time, etc., if needed (lender running a few days long, title search running long, something amiss with getting homeowner insurance, etc.).  But if there is a bidding war...the seller could just as easily declare the contract in default, pocket your earnest money, and have their agent contact other folks who bid on the house.  Right?  Or am I missing something?[/quote]

At this point we're almost a month out. If the seller had offers at the time of acceptance, it's more than likely those offers are now gone. Sure they can reach out and sometimes it works out. But they have to start the financing process and inspection all over again with a new person..minimum another month compared to giving you a few more days.

The seller is also likely selling because they are purchasing a house, which can be contingent on sale of their current house. They want to get this wrapped up as fast as possible so they can fulfill their own side of the buying contract, which also has timelines and an earnest money deposit. They may be in a new rental or be in the new house already, which means each month it drags out they need to pay 1 month mortgage.
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