No financial contingency on contract...bad?
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So far, of the first four answers, only Steven got it right!
For a house to be sold using a loan, there are two things that must happen ... 1 - The buyer must qualify. 2 - The house must qualify.
The financing contingency paragraph addresses the qualifications of the buyer only. By eliminating any financing contingency, your Realtor said to the listing agent and the seller that YOU have sufficiently good credit and income to buy a house in the price you offered. That makes your offer more attractive to the seller than even an offer of a bit more money, but with a buyer that still needs time to see if they will qualify for a loan.
It does not mean that you must buy the house if it appraises for less, nor does it mean that you're in trouble if the inspection comes out badly. All that it means is that you won't be telling the seller later on that "After a credit check was done, this buyer can't get a loan."
Your Realtor did a good thing for you. Thank him (or her).
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