Inspection Contingency

[Raad Qumsieh]

Tricky Question, hopefully you would be able to help me out here.

I am putting a "counter offer" tomorrow for Highest and Best offer on an REO Single Family. This is my FIRST DEAL if it goes thru (fingers crossed!). Now, In my first offer I included an inspection contingency and also it is all cash offer, the bank countered for Highest and Best, due to multiple offers. I read somewhere that,for buying purposes, it is better to remove the inspection contingency as it will give me a higher chance to win this bid. Now, if I do remove my inspection contingency, AND they accept my offer, CAN I back out of the deal with no penalty? I am saying so, because usually, the bank, after accepting my contract, sends back a "seller friendly" contract of their own that needs to be signed and returned before a deadline. IF I DID NOT SIGN that contract by the deadline and i wanted out, do I have any penalties? Please advise

Thanks in advance!

Raad Qumsieh

[Russell Brazil]

What language does the inspection contingency have? Our standard contract in the DC states that when terminating a contract based on the inspection that the buyer must send the seller the home inspection report. So here you would actually have to pay for an inspection and supply the report to the seller.