What are the risks of waiving the mortgage contingency in Woodstock?

Waiving the mortgage contingency in Woodstock means forfeiting earnest money if your loan falls through for almost any reason, not just a low appraisal. Buyers sometimes waive it to compete in a multiple-offer situation, but that shifts real risk onto them if underwriting denies the loan or a condition changes before closing. It only makes sense with a strong pre-approval, verified income and a lender you trust to close on time. Talk through the downside with your agent before offering to waive it.