{"id":1433,"date":"2024-02-29T12:58:05","date_gmt":"2024-02-29T04:58:05","guid":{"rendered":"https:\/\/www.99.co\/singapore\/glossary\/?p=1433"},"modified":"2024-02-29T12:58:06","modified_gmt":"2024-02-29T04:58:06","slug":"waiving-singapore","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/glossary\/waiving-singapore\/","title":{"rendered":"Waiving"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-waiving-contingencies-the-risky-real-estate-gambit-that-could-make-or-break-your-deal\">Waiving contingencies: The risky real estate gambit that could make or break your deal<\/h2>\n\n\n\n<p>In today\u2019s competitive real estate market, many home buyers are resorting to risky manoeuvres to get their offers accepted. One increasingly common tactic is waiving contingencies \u2013 but this gambit could make or break your deal.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What are contingencies?<\/h3>\n\n\n\n<p>Contingencies are conditions written into an offer that must be met for the purchase to move forward. Common contingencies include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Home inspection contingency<\/strong> \u2013 Gives the buyer time to have the property thoroughly inspected and the right to cancel if major issues are found.<\/li>\n\n\n\n<li><strong>Appraisal contingency<\/strong> \u2013 Allows the buyer to back out if the home appraises for less than the offer price.<\/li>\n\n\n\n<li><strong>Loan contingency<\/strong> \u2013 Let the buyer walk away if they are unable to secure financing by a set date.<\/li>\n\n\n\n<li><strong>Sale contingency<\/strong> \u2013 Dependent on the buyer first selling their current home.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Why are buyers waiving contingencies?<\/h3>\n\n\n\n<p>With housing inventory at record lows, buyers are getting desperate. By waiving contingencies, they hope to make their offer more appealing to sellers. This signals that the buyer is serious, financially secure, and willing to take on risk. Sellers often favour offers without contingencies because they seem less likely to fall through.<\/p>\n\n\n\n<p><strong><em>Additional reading: <\/em><\/strong><em><a href=\"https:\/\/www.99.co\/singapore\/insider\/exclusive-rights-vs-multiple-property-agents-better\/\" target=\"_blank\" rel=\"noreferrer noopener\">Exclusive rights vs. multiple property agents: Which is better?<\/a><\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The Dangers of Waiving Contingencies<\/h2>\n\n\n\n<p>While waiving contingencies can help your offer stand out, it also exposes you to significant financial risk:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Waiving the inspection contingency means you could be stuck with expensive hidden repairs or flaws.<\/li>\n\n\n\n<li>Without an appraisal contingency, you risk overpaying if the home appraises for less than your offer.<\/li>\n\n\n\n<li>Waiving loan and sale contingencies leaves you vulnerable if you ultimately can\u2019t secure financing or sell your current home in time.<\/li>\n\n\n\n<li>In a worst-case scenario, you could forfeit your earnest money deposit and have no home to move into.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">How to Protect Yourself<\/h3>\n\n\n\n<p>If you decide to waive contingencies, take steps to mitigate the risk:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Have the home thoroughly inspected before making an offer, so you are aware of any issues.<\/li>\n\n\n\n<li>Build a cushion between your offer price and expected appraisal value.<\/li>\n\n\n\n<li>Get pre-approved for a mortgage and have a backup plan if your current home doesn\u2019t sell in time.<\/li>\n\n\n\n<li>Negotiate an option period to address any deal-breaking problems that arise.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">The bottom line<\/h4>\n\n\n\n<p>Waiving contingencies is risky, but can help your offer stand out. Proceed with extreme caution, get professional guidance, and take steps to limit your exposure. With the right preparation, this gambit could pay off with your dream home.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Waiving contingencies: The risky real estate gambit that could make or break your deal In today\u2019s competitive real estate market, many home buyers are resorting to risky manoeuvres to get their offers accepted. One increasingly common tactic is waiving contingencies \u2013 but this gambit could make or break your deal. What are contingencies? Contingencies are&hellip;<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[93],"tags":[244,196,243,116,245,242,241],"class_list":{"2":"type-post","14":"entry"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.7 (Yoast SEO v25.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Waiving Definition, Understanding and Why Waiving is Important?<\/title>\n<meta name=\"description\" content=\"Waiving is an important term that helps you understand real estate industry better. 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