Reply to Anybody bought at house without an appraisal contingency?

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[quote=Anonymous]We did this in 2004 when it was the norm to have zero contingencies, esclations and numerous offers to compete against.  We still did not offer above what we, ourselves, thought the house warranted.  We have not lost any $ on it and it is still worth more than we paid.

We bought a house last Sept...in a tight market with multiple contracts, low inventory (yes still happens here) but we did have some contigencies this go around.  We did keep the appraisal conting. (I think our loan required it)--but we also were told that funny things were happening with appraisals at that time..since after the mortgage crisis things got stricter appraisers that were liable had recently even been a bit 'under-appraising'.  I don't think it is so wise to do these days.  We did not have a termite or home inspection contigency..but we had a contractor friend of ours go thru it with us the day we first saw it and he is the best guy out there (knows more than our prev. home inspector).  Even with this--we beat out the other 2 offers which were also for asking because I think we looked the best financially on paper.[/quote]

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