"The buyers want to protect their earnest money deposit right up to the settlement day. Both parties can use the financing and appraisal contingencies as a negotiating tool," he says. "If the buyers have all their financing in place and offer to waive the financing contingency, they may be able to negotiate a better price since they represent less risk to the seller."
Adrian Hunnings, an associate broker and managing broker of Weichert, Realtors in Bethesda, says, "The hardest time to read the contract is when someone has fallen in love with a house. It's important that as soon as a buyer has located a buyer's agent they ask to see an advance copy of the contract. Any time an agent takes a listing, they should provide the seller with a copy of a sample contract to make sure they understand it."