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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]11:48, you really wish you had dropped the appraisal contingency?  We lost over this, too. Our bid was higher than the winner. Sad about it, but worried that dropping it was too risky.

How do you decide if dropping financing and appraisal contingencies is worth the risk?  [/quote]

At the time, we didn't want to take the financial risk of having to come up with the cash if it appraised to low. Looking back, we think it would have appraised at or above our offer price due to the recent comps in the neighborhood and area as a whole. Also, we've been at this for almost 6 months and just don't know if there's anything better out there... so in hindsight, the house was worth the risk.[/quote]

Correct me, but can't you still walk away if you drop the appraisal? You just lose your earnest money? What is typical earnest money in N. Arlington?[/quote]

Please correct me if I'm wrong, but here's my understanding: the appraisal and the financing contingencies are different things. An appraisal contingency means you can lower the price to the appraised price after the contract, the financing contingency says if the bank appraises the home as worth less than the mortgage amount and therefore refuses you the mortgage the contract is void unless you choose to come up with the difference. We just lost on offer where we waived the appraisal and the inspection (had pre-inspection) but maintained the financing contingency.

PS 11:48 we are reeling too. This was definitely *the one*. It hurts![/quote]

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