My hesitation is how easy is it to actually back out.What should be in the contract to ensure that I'm able to renegotiate the price or back out completely if the scope of work is not represented accurately?

And since just about every top luxury brand in the world is represented there now I think it's going to continue to be one of the playgrounds of the rich for a long time to come. 

Yes and sometimes you can talk to the banks representative that is at the auction and work a deal

Depending on the amount of money involved, it may be a small claims court matter or you may want to hire an attorney to represent you to pursue the matter.5.

No concerns at all, quite honestly, as that isn't representative of what really is going on in our market. 

The property was represented to be taking in $1,400.00 per unit.

While I am not based out of Monmouth County I represent clients across NJ. 

If there aren't many people interested in the property, a wholesaler would have to consider an offer that has an inspection contingency otherwise they risk holding the property longer than they anticipated.However, if you're in a hot market (and who isn't these days), you may be competing with people who are willing to go after the property so aggressively that they drop all contingencies; this would represent less risk to the wholesaler of the buyer backing out so naturally they would likely choose this offer over yours with contingencies.If you're finding that all deals you're coming across do not allow contingencies, it may be valuable to spend some time learning how to expertly predict repair costs on your own so you can determine if a deal is a good one without paying for inspections before getting it under contract. 

They mis-represented it and that is the agents issue.

When wholesaling,  is the goal to stay away from homes represented by a real estate agent?