I recently wrote an article about the competitive Seattle housing market. In the clamor for buyers to land their dream home, they sometimes concede rights to purchasing by waiving provisions in the real estate contract.
Some waivers include appraisal, inspection and financial contingencies. This is done to expedite the home-buying process and make themselves standout to the sellers. But, this could lead to future issues that cannot be rectified due to the waivers.
Additionally, it should be noted that attorneys can draw up real estate contracts applicable to the specific home buying situation and need not rely on the standard contract provided by the MLS.