A purchase contract is more than a price and a closing date. It's built around contingencies, the conditions that must be met for the sale to go ahead, and they protect the buyer with a legal way out (and your earnest money back) if something material goes wrong before closing.
Contingencies give you a legal way out, with your earnest money back, if something material goes wrong.
In competitive markets, buyers are sometimes pressured to waive contingencies to make an offer more appealing. It can work, but it carries real risk:
Contingencies aren't a formality. They're the safety net that keeps a purchase from turning into a forced, uninformed decision.
Before waiving any of them to win a bidding war, weigh the potential savings against what you'd give up if the deal goes sideways.
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A loan officer can help you judge how firm your financing is before you decide which contingencies to keep. Pre-qualifying will not affect your credit score.
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