Trying to buy a house in the Philly region’s hot market? Prepare for battle.

Waive the appraisal contingency. Buyers financing their purchase must have an appraisal before closing on the sale. If the offer is above the listing price and the appraisal comes at the listing price or lower, the buyer can agree to make up some or all of the difference in cash at settlement.

“If you’re planning to live in the house for 20 years and you love this house, then it really doesn’t matter” if you pay a little more, said Maria Quattrone, CEO of Maria Quattrone & Associates at RE/MAX in Philadelphia. Especially with mortgage interest rates so low, you will recover your investment over time.

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