High EMD and can't inspect property

[Aref Shehadeh]

Working with a REO listing agent directly. Received the addendum and although the language in the addendum allows for a 10 day inspection period, it is negated later on with the words "AS IS NO INSPECTION"... Confirmed with the listing agent that the bank wants it to be signed as is and with no inspection period whatsoever, truly as is.

The other scary piece is how the Earnest money deposit is ($5K). I am using private financing and have provided a POF letter. So this addendum (confirmed by my attorney) has no outs.

I've had an inspector buddy walk the property and things seem fine. I am a very serious buyer so it wouldn't be a huge deal if the property wasn't winterized... so I can't inspect properly until it has been de-winterized.

What options do I really have? Is this listing agent talking making some of these rules up or do I have some negotiating power? I would be ok with the new inspection clause of the EMD was 1%. Or, I would accept the $3K EMD if there was an inspection period.

[Ned Carey]

Generally that is what to expect from an REO. I fact most investor type deals I assume there is no contingency for inspection. I certainly don't offer one when I sell. Inspect all you want before you put in an offer. 

You make sure your offer is low enough to cover unforeseen expenses.