House went on market through an auction (not foreclosure). List price was 550k, I ended up with an offer of 670k (next few offers were 3-5k lower). However, the listing agent has been really rude and aggressive and is basically forcing no contingencies. I can waive off inspection and loan contingency, but hesitant to waive appraisal contingency (anything over a difference of 20-30k). Anyone been in this situation before? How’d you deal with it?

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They want that commission to be top dollar. If you want the house, you better have the money to cover the gap if appraisal doesn’t match or exceed your offer price. Agent just wants to make sure it closes

What’s the estimate value? You can put in an appraisal gap contingency that you’ll cover $x amount over appraisal if it’s lower than offer price but not more than offer price

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Only closed sales matter to an appraiser. Anything in the last 3 months in the same neighborhood (preferably less than 1 mile) with a similar sq footage or layout that sold?

Can you clarify...the next few offers were $3k-5k below list price or to your offer price? I assume the later.

How do you have even less equity if you waive the appraisal contingency? I covered a $90k appraisal contingency on a house last year. My equity in the house is the same as if the house appraised for 90k more. The appraisal isn’t the value of the house. What 10 people bidding for the house will pay is the value of the house. If you waive an appraisal contingency, yes, you need to be prepared to step up with cash but that’s how this works.

Did the auction have any conditions? I thought most home auctions required cash and were as-is.

This was a unique situation. All prices were to be submitted through an auction with an ability to bid up further. Actual offers could be loan based though.

We’re you able to see the other bids in real time? How did they determine when to end bidding?

Was able to see the other bids and they had a cutoff time of 7 pm

I can see why the realtor would be so adamant about you putting in an appraisal gap waiver. If the home appraises out for lower than your offer (which it likely will), your offer is essentially no better than the appraised value of the home. Not okay to be rude, but I can help you to understand why it would be such a pressing issue. Maybe offer an appraisal cover $10-15K over appraised value. Meet somewhere in the middle

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