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I messed up... Can my contract fall through and I still retrieve my EMD?

TL;DR - Tried getting a look at the foundation, and nothing came back. Panicked and moved forward, now regretting my decision. Can I get my EMD back? Closing date is suppose to be Thursday, November 30th.

Story time:

Newish Long Distance Investor. My capital is quite limited.

I put an offer, which was accepted. I got an inspection report. Amongst other things, there was a portion of the house where it was sunk and the foundation was messed up. Also, my inspector said that he suspects there's standing water below the housing due to mosquitoes coming out from the bottom. The weather on the day of the inspection was low 45 degrees Fahrenheit, high 72 degrees Fahrenheit. The inspector noted that they were unable to gain access to the foundation.

I communicated with my realtor, asking for one: an inspection extension, and two: access to the foundation so I can get a quote on any possible rehab. Realtor responded with "It's been requested." I communicated with a GC to check out the property and provide a bid. I specifically stated in my communication that I wanted to look at the foundation.

I get an email from the GC a few days later, and they also said that they weren't able to access the foundation, but gave me a extremely rough ballpark.

Here's where I messed up:

It was the last day of my inspection contingency and I panicked. I gave the counter of "Reduce the price, fix the foundation and I pay agreed price, or terminate the contract." Hindsight being 2020, I should've been more aggressive and only given 2 options, or just backed out. Also my realtor didn't really seem to have my best interest in mind. Now the sellers are looking at the costs to fix the foundation.

My question:

The contract is suppose to close November 30th (this coming Thursday). If the sellers don't get back to me by then, can I get my EMD ($2k) back?

submitted by /u/chanmanjr
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/185pl5b/i_messed_up_can_my_contract_fall_through_and_i/
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