Waiving Mortgage Contingency & Keeping Appraisal Contingency?

[Ben C.]

Hello,

I am in a competitive bidding situation and am looking at pulling some contingencies. One contingency I will not negotiate on is the home inspection (I already told the seller that is staying no matter what). 

However, I am very confident in my ability to get the mortgage so I am willing to pull the mortgage contingency. 

The last sticking point is the appraisal contingency. Does it make any sense to keep the appraisal contingency if you don't have a mortgage contingency? 

I would assume if I am approved for a loan but the appraisal comes back in lower and seller won't lower her price I am free to walk and get all deposits returned to me (even though technically I didn't get a mortgage)?

Any advice on this topic would be great as it is an urgent situation. 

Thanks BP!