My realtor suggested that I look into waiving our appraisal contingency to make our offer stronger, but I am nervous to actually do it as I don't fully understand how it works. We are planning to put down $220k (35%) on a $630k house. My loan officer is telling me that I have nothing to worry about because we are putting down 35%. He is saying that should the appraisal come in lower like around $600k, nothing would change for us, only how the loan is set up on the back end. However, I'm reading online that should the appraisal come in lower than the offer and the appraisal contingency was waived, the buyer needs to make up the difference with cash. Could someone shed some light on this situation?
Submitted August 14, 2017 at 02:58PM by gamer127 http://ift.tt/2wYeUf9
