Did you know that a 'Waiver of Appraisal" doesn't mean your lender is not going to conduct an appraisal? Your lender will always conduct an appraisal unless you're putting down a hefty deposit. It is at their underwriter's discretion. A "Waiver of Appraisal" means that you will purchase a property at your contract agreed price regardless of the appraised value.
In markets with high demand for real estate properties due to low inventories, such as New Jersey, receiving multiple offers on a property is commonplace. Such scenarios are caused by the number of prospective buyers exceeding the number of properties available on the market.
Multiple offers will leave a potential buyer with the challenging issue of competing with other parties. Some may even question whether it is worth the effort competing with other prospective buyers. You have to go toe-to-toe with others who are just as qualified and determined as you to close a deal on the property you liked.
For the seller, multiple offers are a welcome headache, the problem of every seller’s dreams. Multiple offers will initiate bidding wars on the property, which only increases a seller’s chances of making good profits from the sale. It gives the seller the flexibility to go through all the offers and pick the best deal.