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Reply to "Anybody bought at house without an appraisal contingency?"
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[quote=Anonymous]It probably depends on how much financing you need. The bank may not approve your loan if the appraisal amount is below the amount required for your loan. You could be out the deposit escrow which is no skin off the nose of your realtor but a loss to you. If you are not paying a significant % off in cash then I would consult a real estate attorney on your liability doing this and be cautious about trusting your agent. The second issue is whether you would be still be willing to 762 if the appraisal came in at 700. Markets go up and down. If this is the perfect house for you, the neighborhood you want and you plan to live there for 10 years then it may not be an issue. I knowingly paid about 30K more than our house was worth at the time but we really liked the neighborhood, the house, and the timing was important to us. [/quote]
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