write an offer without loan contingency?
I have the pre approval, but my file is still in underwriting. My agent says loan contingency is not required and it hurts my chances. I'm worried that loan does not approved since my debt to income ratio is in the boundary of being too high for this interest rate. What to do?
Did you give yourself adequate time to close? And do you have the money to pay down in case the home does not appraise?
Don't give up loan contingency. If your agent is telling you to waive that, he is just trying to make a quick buck and not acting in your best interest. If you waive, and you offered 800k and bank only apprised the house for 750k. You will be required to pony up 50k extra or lose 3% deposit. If you didn't waive, you can renegotiate or back out with your deposit returned.
I wouldn't unless you have the cash to cover a potential delta between appraisal and price.
If the only way you can get that home is by getting a loan the Do Not give up loan contingency. Clearly your agent does not represent you interests in good faith.
Why would you waive loan contingency? Specially in this market when seller’s are motivated to sell
Do you have other contingencies in your offer? If so, probably fine to waive as you could still back out after the inspection. Otherwise, I wouldn’t.
Yes there's 7 day inspection contingency. I didn't know we can back off with reasons not related to inspection.
You can literally say you don’t like a door handle and back out.