Inspection - structural issues found - what to do and what to learn from it?

[Sylvia Schumacher]

Hi all!

I am (was) in the process of buying a duplex out-of-state. A few weeks back, my agent reached out to me with a listing, I put in an offer and was taken up on it.

The listing wasn't too detailed and didn't have any pictures from inside of the building but I got MLS images from 2019. The listing agent told my agent that the upper kitchen has been renovated since the 2019 offer.

Scheduled an inspection and my agent went there with the inspector. Turns out the building has very obvious structural issues with a curved wall. This wasn't mentioned in the listing. The selling agent didn't say anything either. On top, the upper kitchen hasn't been renovated but is still in its old state.

My assumption is, that this ultimately is my bad, I have to pay for the inspection (>500$), pull out from the offer (inspection contingency) and just live with it. Would appreciate any confirmation of that though as I am new to out-of-state investing and want to make sure I am doing the right thing. I haven't paid the inspector yet but have deposited earnest money.

Going a level beyond, do you have recommendations how to avoid that situation? Do your agents take a look at the property before you schedule the inspection? In my particular case, there are two tenants in the building and showings weren't allowed prior to the offer but wondering, if my job was to organize a showing after I have put in the offer.

Thanks a lot for any thoughts, recommendations, best practices, etc. I greatly appreciate it!