Signed a purchase agreement...am I stuck?

[Katrina P.]

Hey BP:

I recently signed a PA to purchase a package of properties from a bank, where they would be financing the deal. The deal is "as-is", but since my signing, there's been material changes to at least one of the properties, which is making me re-think the whole thing. One change is that I received an email from the Agent that said they got word there was a" 'Water issue' happening at the property, where water was exiting one of the units (duplex), and the city turned off the water, but it appears the tenant disconnected the meter, and the pipes have frozen". The property is not on a lockbox at this time, so I don't even know the extent of the damage. They're supposed to give me access today or tomorrow, but they are unwilling to offer a concession for this extra damage. There are other issues as well. But my question is, if I decided to walk, what can they do? I have not submitted a deposit either.

Thanks in advance for all input.

Still learning a great deal, and dealing with some serious growing pains right now, unfortunately :(.

Thanks,

Katrina

[Wayne Brooks]

No EM deposit yet.
No inspection contingency?
No "seller shall maintain in current condition"?
I can't see the bank coming after you if you walk, with an explanation letter.
They may then renovate.
Any other reasons you want to back out?