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Seller wants to remove appraisal contingency. Will we still be able to back out? [CA]

California, young and clueless first time buyers.

We put in an offer this morning, and just heard back from the seller. As a counter, he would like us to remove the appraisal contingency. This is a tough choice for us, because we’re pretty sure our offer is 10-20k over the expected appraisal anyway. That much we can cover. But if the appraisal comes in 30-40k under, we’re in deeper doo doo.

One strategy would be to agree and remove the contingency, then expedite the appraisal so that it’s done before the end of inspections. If the appraisal comes in too low, we can back out citing inspection reasons.

Is this a common strategy? Would we be protected from a legal standpoint? I don’t want to end up in court because the seller thinks that it was the appraisal that made us back out and not the inspections. And I want to make sure I’ll get my earnest money deposit back.

Any advice? Is this stupid?

submitted by /u/YesVeryMuchThankYou
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source https://www.reddit.com/r/RealEstate/comments/e2b8ej/seller_wants_to_remove_appraisal_contingency_will/
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