Thought I'd resurrect this thread with some true stories from the painful battle that is this home purchase of mine right now. It confirms much of what people have said above.
Never ever waive the financing condition unless you have large cash reserves. Our purchase price was submitted to the banks for appraisal, and they have said they will not lend out the full value of the mortgage. They believe it is overvalued by 5%. As a result, I now have to find the difference between the appraised value and my purchase price, in cash, if I want this place.
Now given it's location, I think that's a very contentious valuation, but it is what it is. Had I had not put in a financing condition, I'd have been on the hook for the additional 5%, even it it means selling a kidney. Or giving up my deposit.
It's a mess right now, but I thought I'd share a tale of caution in this ridiculous market!
Waiving a property inspection? Absolutely nuts!
Might miss some of the game because of this!
