4 Tips to Avoid Overpaying in Today’s Changing Housing Market
Instead, find out how competitive the market really is Bidding wars may have been the rule of the day since the surge in home buying took off in late spring of 2020 — but the competition may not be as fierce as it once was. Grimes knows of buyers who waived the inspection contingency — which basically means they purchased the house ‘as is’ and were responsible for any repairs the home needed — only to find the home had defects that wound up costing them thousands of dollars to repair, including a client who is currently involved in a related lawsuit. The appraisal contingency should ideally only be waived if you have enough cash reserves to pay the potential difference in asking price or can afford the higher monthly payments if you need to raid your down payment fund.
