I recently just viewed a property that I was interested in and made an offer and my offer was excepted. My realtor made me waive my inspection due to the market being so competitive. I have a mortgage contingency as well as a dream buyers grant contingency and a I have to cover up to $2500 worth of FHA repairs. The house got appraised and it came back with some things that need to be fixed. I later went back to the property and the property suffered water damage causing the roof to cave-in. My realtor said that I can't say anything about the roof because the roof passed the appraisal inspection. I no longer want to be in contract with the house and would like my earnest deposit back. How do I go about getting that back?
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
5y
@Tralecia K Young 1) if the roof collapsed After you had an executed contract, most contracts require the seller to keep/maintain the property in the same condition until closing. 2) if the roof is now collapsed there is No way it qualifies for fha….just notify your lender, they’ll RE inspect, your loan will get denied, you get your EM back, end of story b
Thank you those were my thoughts exactly I’m trying to get everything together so once everything goes through and I get my earnest money deposit back I will be working with a new realtor. 
Yes I’m actually having a contractor write up an invoice of everything that he noticed about the property and I’m going to be submitting it with my cancellation.
I think that’s what I’m going to do I’m going to reach out to her broker to see how we can get me out of this contract in the best way possible so I can start looking for a new home.
Thank you so much I really needed to hear this I was also taking that into consideration. I was going to draft a formal written notice regarding the condition of the property because he was not very truthful on the property disclosure either. 
Real Estate Agent · Cleveland OH · Member since 2015 · 213 posts · 275 votes
5y
I rarely see any buyer loose their EM. The only time one of my clients was able to keep the EM deposit was when a buyer wrote a full price offer on day one of a listing. Showed up with contractors 2 weeks later and used the "informal" inspection to try to reduce the offer by about half. I argued successfully that his actions were that of a buyer with an Option and it was a tactic to tie up the property.
You can still walk away - dont let your realtor talk you out of it. Then walk away from your realtor, your realtor should be completely flexible with your terms.
Realtor · Saint Charles, IL · Member since 2020 · 126 posts · 101 votes
5y
@Tralecia K Young
Talk to your lawyer, he should be there as your advocate that’s his job. From one realtor to another that’s a bad move to recommend inspection waiving. There’s other ways to make a strong offer, without that. As well you should have a final walk through to inspect nothing has changed since initial walk through, a roof collapsing would be a change
Got the denial letter from my lender after giving them a letter of explanation for the property. My mortgage contingency was over on the ninth I got my disapproval on the ninth and it was sent over on the ninth. That was the final step in getting me released from the contract. My lawyer told me that he sent over the cancellation to release my funds the sellers attorney has not signed the release form. He also stated that they don’t have to sign it nor is there a timeframe but wouldn’t that defeat the purpose of having the mortgage contingency if it doesn’t protect my earnest deposit. What should I do now??
You can totally back out if the lender states they can no longer approve you for the loan, as long as you are within that time period. I hope this situation was resolved.