Hi Sally it is when you waive your rights of contingency. Could be for laon. inspections, etc Many bank owned properties will ask for shorter than normal contingency periods especially with potential buyers.
If you need any help let me know
First Team Real Estate
A loan contingency is to give you time to get a loan and if you can't do that in the time frame, you can get out of the contract you made to purchase a house. A waiver of contingency states that you are giving up that right and going ahead with the contract. This is just one example!