Asking how to make your buyer's waiver of an appraisal hold up.

[Glenn Levy]

Hi all! Looking to get some feedback on this topic if anyone has experienced the same difficulty. Often when I get offers that are above asking, the seller will state that they are willing to "waive the appraisal", assuming the appraisal will come in lower than their offer. I have fallen into this tempting trap twice now, only to have the seller's attorney immediately wipe it out during Attorney Review (I am in NJ which is an attorney close state). I am then left with the decision of walking away from that buyer or accepting it and moving forward with them.

 I was hoping to hear if people on BP have experienced the same thing and how they get the waiver to stick knowing the seller's attorney is always going to talk them out of it. This scenario is assuming that the buyer shows proper proof of funds that they can cover the loan gap between the property's appraised value and purchase price.

As a follow up, or side question, if someone offers above/well-above asking without offering to waive the appraisal, what's the best thing to do to hold them to that purchase price if the appraisal ends up coming in well below their offer?

Appreciate any and all feedback!