H&L Realty Group
However, the BEST bet is for you to take your contract to a real estate Attorney, and ask them that question. That is definately a legal question that should be addressed to an Attorney.
You can likely punch out and lose the earnest money, have your agent check the contract - but given the fact that the agent should have been closely advising you so that this didn't happen......
Hank Miller, SRA, ABR
Associate Broker & Certified Appraiser
Prudential GA Realty
Dena explained it best.
Consult your realtor & their broker before you proceed. They should review your contract terminology and be able to find you an acceptable way out of your contract if you are not comfortable. At worst you would lose your earnest money deposit.
Keep in mind with the recent rains and flooding in the area if the home did not flood then you should be in good shape. You will spend a little more on flood insurance, but this may be an opportunity for you to negotiate a better deal on your purchase with the bank.
Don't panic evaluate the situation and see where negotiations lead you.
Best of luck!
It all depends on the verbiage in the contract and bank any addendum's. I have had a few bank owned properties that in the bank addendum they allowed for nothing. In other words not even an inspection period...buying as is. Did you work with a Realtor on this? If so I would run this by them as they are familiar and can interpret the language in your contract and explain it to you. If you did not use a Realtor I would recommend getting in touch with a local real estate attorney to help. Usually with bank owned homes they do not disclose anything as they know nothing to disclose. That is the big risk in buying foreclosures and the importance of being represented by a Realtor.
I wish you the best of luck,
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