Why would someone waive a Mortgage Contingency Clause?
This is done in a seller’s market, especially when there are multiple bids, to increase your chances of getting the space. You become more attractive to the seller because no matter what happens the seller will come out with something. If you get the mortgage then the sale will continue and the seller is happy and if you don’t get the mortgage, the seller gets your 10% earnest money deposit and is very happy. With multiple offers, someone will inevitably waive this clause to try to get a competitive advantage. The risk in this type of move is limited providing you’re pre-approved and know you can get a mortgage. A good idea is to develop a relationship with a solid mortgage contact.
