June 11th, 2016 2:26 PM by Sam Kader
For more courageous homebuyers - here are some additional tips but please consider and consult with your agent their risks as well as their benefits when considering any of these actions:
1. Waiver of inspection contingency. Waiving it means that you might miss the opportunity to negotiate for repairs or the ability to back out of the deal.
2. Waiver of financing contingency. This contingency is to protect your earnest money should you fail to obtain home financing. Your earnest money is at stake by waiving financing contingency.
3. Waiver of appraisal. Appraisal allows you to decline or renegotiate the deal if the value comes back lower than the stated price. You may offer to waive or make up the difference between appraisal and purchase price.
4. Releasing earnest money usually between 1 to 3 percent. By releasing a portion or all of the earnest money, it demonstrates that you have vested interest in the sale moving forward. Should you backs out - the earnest money goes to the seller.
5. Waiver of the seller disclosure statement (Form 17) means that you waive your right to receive Form 17 and to rescind the purchase within 3 days of receiving potentially items of material fact on Form 17.