However, by waiving the financing contingency, pre-approved buyers do take the risk of the property not appraising for the purchase price. If the appraisal comes in low, the buyers will either have to come up with the additional cash required to close the deal, or they could lose their deposit to the seller if they back out of the deal. If recent comparable sales support the purchase price, the risk of the property not appraising is probably low. You can reduce the risk of waiving an inspection contingency by having the property inspected before you make an offer. Be sure to get the seller's approval before taking this approach.
Some sellers have pre-inspection reports.
If so, read them and discuss any questions you have with the inspectors who prepared the reports before you make an offer. Buyers who need the proceeds from the sale of another property to close on the new home should line up interim financing before making a noncontingent offer. This is advisable even if the other property is sold, but not yet closed. If you make a noncontingent offer and the sale of your other property falls apart, you could lose your deposit if you can't close on the new home. The Closing A more cautious approach is to include necessary contingencies in your contract, but shorten the contingency time periods.