Please advise: potential nightmare

[Ben Stout]

Hello everyone,

Happy New Year to you all!

I am currently working overseas but have been watching a property in my neighborhood and waiting for it to come onto the market. The ARV is $60k, will rent for $800/mo, and the property was finally listed for $30k. I told a realtor I sometimes use that I wanted to have it inspected immediately and then I would hopefully write an offer. He went out to the house and found there was a 4 number combo lock on the door and he had a 3 number combo.

We tried to get the combo for a week with minimal response. The company dealing with the property (out of state) had it locked up. I told him fine, write an offer for me, BUT make it contingent upon the inspection (before someone else grabs it.) My mother signed the documents and I wired the earnest money. He said no problem and he finally told me my counteroffer of $27,500 was accepted on Christmas Eve. For the last week he's been out of touch and lazy. He has been very slow to respond to emails and told me not to worry and it was the slow time of the year.

This morning I woke up (Jan 1st) to an email stating that he is "very sorry" and it's "his fault," because he "wasn't paying attention and hasn't been into his office for over a week," but we have now gone through the 10 day inspection period and I can no longer back out without losing my earnest money. He wants to know if I "want it inspected still" or if I "just want to go ahead and close." I haven't even seen the inside of the home yet and was trying to tie up the property until I could get it looked at by a professional.

I put $2500 earnest money down. What would you do in my shoes?

Thanks,
Ben

[Ibrahim Hughes]

Yeah I would have your realtor reach out to them as if you both know the inspection period hasn't yet began because you've been trying to get the correct combo since __________, 2012 (the date you first contacted them for the combo). If they're a big company they will likely not even blink and instead go through the steps to giving your realtor the correct combo.

Once thing I've learned about incompetent people: they will cost your BIG $$$ - Best to get rid of them as soon as you've seen that they're incompetent.