What are the risks of waiving the mortgage contingency in Folly Beach?

Waiving the mortgage contingency on a Folly Beach offer puts a buyer's earnest money at risk if their loan falls through for any reason, including a low appraisal or a lender denial late in the process. Folly Beach's flood zone and older housing stock can also complicate insurance approval, which is one more way financing can stall after an offer is already accepted. A buyer should only waive this contingency when they are fully underwritten and confident the loan will close on schedule. Brian Beatty walks buyers through that risk before recommending it on any specific Folly Beach offer.