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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallWaiving an appraisal contingency can leave you responsible for closing even if the home appraises below your offer. The lender may reduce the loan amount it will provide, so you may need to bring more cash, negotiate a lower price, or find another way to proceed. Whether you can cancel—and what happens to your earnest money—depends on your signed contract and applicable law.
What waiving the contingency changes
An appraisal contingency is a contract term that may give a buyer options if the appraisal is below the purchase price. Depending on its wording and deadlines, it may allow the buyer to renegotiate or cancel. Waiving it generally gives up or narrows that appraisal-based contractual protection; it does not guarantee the lender will finance the full offer price.
A low appraisal can affect the lender’s view of the home as loan collateral. The lender may approve a smaller loan than you expected or may not approve the loan on the original terms. The CFPB warns that buying above appraised value is “very risky,” while noting that a lower appraisal can sometimes support negotiating a price reduction (CFPB guidance on an appraisal below the sale price; last reviewed September 11, 2024).
If the appraisal is lower than your offer
First ask the lender how the appraised value changes the loan proceeds, down payment, loan-to-value ratio, and cash needed to close. The lender must provide a copy of the appraisal; request it if you have not received it. Fannie Mae also recommends discussing the available options with your lender and real estate agent (Fannie Mae’s overview of home appraisals).
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Pay some or all of the difference
You may be able to contribute additional cash so the purchase can proceed, subject to the lender’s approval and your contract. Do not assume the lender will simply finance the difference between the price and appraised value. Work out the required amount with the lender and consider whether paying it would leave you with enough cash for closing costs, repairs, and reserves.
Ask the seller to reduce the price
You can ask the seller to lower the price, and a low appraisal may give you a basis for that request. The seller does not have to agree. If you waived the appraisal contingency, you may also have given up a contract right to demand a reduction or cancel solely because of the low value.
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Request a reconsideration of value
If the report appears to contain errors, omit relevant information, or rely on unsuitable comparable sales, ask your lender how to submit a reconsideration-of-value request. Provide specific, supportable information through the lender; do not treat disagreement with the conclusion by itself as proof of an error. The lender’s process and the contract’s deadlines may affect whether there is time to pursue a review.
Proceed, renegotiate, or consider ending the deal
Your practical choices depend on the lender’s terms, your available cash, the seller’s response, and every contingency still in the contract. A financing contingency does not automatically excuse a buyer from completing the purchase because of a low appraisal. Before relying on any cancellation right, have a local real estate attorney or other qualified contract professional review the agreement and notice deadlines.
Compare your options before deciding
| Path | Cash and financing | Contract and other risks |
|---|---|---|
| Pay the gap and proceed | You may need to bring additional cash; confirm the loan amount and closing funds with the lender. | You may pay more than the appraised value. The lender must still approve the loan. |
| Negotiate a lower price | If the seller agrees, a lower price may reduce the amount you need to fund. | The seller can refuse, and waiving the contingency may limit your appraisal-based contract rights. |
| Seek a reconsideration of value | There is no guaranteed change to the appraised value or loan terms. | Use specific evidence and check lender and contract deadlines. |
| End the transaction | You avoid funding the purchase if you can validly cancel. | Cancellation rights, earnest-money return or loss, and other costs depend on the agreement and applicable law. |
What to check before waiving
- Ask the lender to model the loan at an appraisal below the offer price, including the resulting loan amount and cash to close.
- Decide the largest gap you could cover without using money needed for other closing costs or reserves.
- Read the exact appraisal, financing, inspection, and other contingency language, along with notice deadlines.
- Ask whether the lender has offered a program-specific value acceptance and what it means for your loan. That lender decision is not the same as waiving a contract contingency.
- Get local professional advice before signing if you are unsure what rights you would retain or what could happen to your deposit.
Appraisal contingency, value acceptance, and appraisal-copy rules are different
Contract appraisal contingency
This is a buyer’s contractual protection. Its effect depends on the signed agreement and applicable law. Waiving it does not, by itself, waive the lender’s underwriting requirements.
Fannie Mae value acceptance
Fannie Mae uses “value acceptance” for an eligible lender-side option that may allow a loan to proceed without an appraisal when program requirements are met. The lender decides whether the option applies; most Fannie Mae loans generally require an appraisal. As of September 3, 2025, Fannie Mae materials use “value acceptance” rather than “appraisal waiver” for this process. These rules concern Fannie Mae loans and should not be generalized to every loan program (Fannie Mae Selling Guide, lender responsibilities; topic dated June 4, 2025).
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Waiving the timing for an appraisal copy
A separate federal rule concerns when a lender provides appraisal and valuation copies for covered first-lien dwelling credit. In specified circumstances, a borrower may waive the timing requirement; that is not a waiver of an appraisal contingency in a purchase contract. See CFPB Regulation 12 CFR § 1002.14 for the rule’s scope and timing provisions.
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