From the Forum: Should a Bidder on a Vacant House Waive the Mortgage Contingency?

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    A potential homeowner is bidding on a property that hasn’t been lived in for several years and is wondering if that might impact the ability to get a mortgage. Mortgage bankers have advised them that if a property is considered uninhabitable it might be difficult to get financing. Because of this, and the fact that they are bidding against all cash offers, they are contemplating waiving the mortgage contingency on their offer.

    Will the condition of the house impact their ability to get a mortgage? What are the risks in removing the financing condition on their offer?

    Please chime in with some advice.


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