using a home inspector is a good idea. i am a home inspector here in the western new york area. you could have walked yourself right into  a trap, and thats what we inspectors are here for, to keep you from doing that. if i were you, i would go back to that owner, throw them your new offer and tell them it is a " standing offer". that means, you know they are not going to accept it, but after several months on the market, your offer is going to start to look good to them anyway. my guess is that they will eventually call you back and either accept or want to counter offer close to your bid. in the mean time, find another house. they are out there and some of your best deals are the ones not even listed.

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If prices are reduced, the buyer can lose money if he sells, or take a long time trapped in the house while waiting for prices to recover.

I'm sure he's got people trapped in bad deals with this tactic.

And it can add to the antisepsis, hardness and insect resistance.

I'm sure there are some slumlords who feel trapped and guilty about their situation and loose sleep over it.

The lease mentioned nothing about pests.I have used a trap to catch 7 or 8 squirrels over the past three months.

This all pretty obvious stuff, but I think psychologically it's pretty easy to fall into this trap, particularly when the downside is a year or two away.  

Those with fully paid off homes likely don't have large bank accounts because all of their money is trapped in the houses and at market risk.Those who leveraged up and have cashed out their money have huge bank accounts, cash sitting safe and sound in an account, ready to buy 10 more houses at 25% of the value. 

If I think about this too hard I imagine myself holding up a mirror to a mirror where my eyes are rolling into the back of my head like a pathogenic animal and I'm trapped inside infinite regress...I love landlording and want to build a rental empire that includes retirement income alongside a way to revitalize my neighborhood.