Attorney Arielle Cecala explains what waiving an appraisal can mean.
This is part two of my series over what it can mean for buyers if they waive contingencies. Today we’re covering the pitfalls of waiving an appraisal, a common tactic in today’s market. I’m joined by Arielle Cecala, an attorney, who helps me go over all the details.
You can watch the full video above, or you can navigate to specific topics using the timestamps provided below for your convenience.
0:48 — Welcoming attorney Arielle Cecala
1:20 — Consult with your lender and attorney
1:46 — What the appraisal contingency means
2:49 — Why the buyer usually absorbs the cost
3:39 — The risk of waiving an appraisal
4:19 — A quick example
5:00 — Speak with your lender, attorney, and agent about the language
6:14 — The potential pitfall
7:23 — Losing your deposit
7:49 — Having a good team
8:43 — Buyers need to understand what they’re doing in this market
9:20 — Wrapping up
It’s really important in today’s market that buyers understand the full implications of what they’re doing. It can be easy to get over-excited and try to swing for the fences, but ultimately you need to surround yourself with a good team who can help make sure your decisions are sound and educated. If you have any more questions about waiving appraisals or real estate in general, do not hesitate to reach out to me.