My main concern when I deal with clients is protecting their interest and deposit in a purchase transaction. I would not encourage you to waive standard contingencies unless there was a really, really good reason. What’s their reason ?
Does the seller think that it isn’t going to appraise for what you have agreed to pay ??
(Yes, you still have other ways to get out)
I know of agents whose main concern is how quickly they can get their commission and they give crappy advice and others that will not show buyers a property if it doesn’t offer the highest commission. It’s unethical but it happens.
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You have entered into a legal binding agreement based on info that you received from the parties that you are working with.
A real estate agent or mortgage person should never offer legal advice, although many do.
I make sure that people understand what is negotiable and what isn’t. Try to use a lender that offers a ‘float down’ policy. It can’t hurt.
Not all lenders offer one.
Your appraisal MUST be ordered through each lender as part of the loan process. There are disclosures that must be prepared before appraisal can be ordered, and they must go through a 3rd party company. 7-10 days is USUALLY enough time to allow but there are a million things that can go wrong and delay the process.
Even though you may have agreed to the default 17 day contingencies, it is possible to request an extension prior to or at expiration, but the seller does not have to agree.
If your broker plays a game, I’m sure that they understand their risks.
I would not consider double applications to be normal practice. You are free to do it if you want to.
No lender,bank or broker can force you to proceed with a loan, locked or not.
Nobody is going to go out of business if you don’t proceed with a locked loan.
If you do not proceed, the ONLY charges that you can expect to pay are for appraisal & credit report. You cannot be charged any other application or other fees that I am aware of.
The appraiser wants to be paid for their work, they don’t care if the loan happens or not.
Serious point if you want to double app, is to check with escrow first, they may not be willing to provide the required info to 2 lenders at the same time.
If your broker is dealing with this, then that is their concern.
