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When can I remove my financing contingency from a purchase contract?

When your loan is completely approved, you can remove the contingency. For a loan to be completely approved, the property must be appraised in a satisfactory manner. Buyers usually do not want to order property appraisals, which can cost hundreds of dollars, until all inspections are completed. To make sure that you meet your financing contingency deadline, schedule an appraisal for the day or so after the inspections. This way you can cancel the appraisal if necessary. If you wait to schedule the appraisal until after you know the results of the inspections, you may have to wait another week or so to get an appointment.