I am in the process of looking for a new house (currently rent) in Dallas, which has been an extremely hot housing market in recent years. Anything decent tends to move pretty fast. I made an offer an a house I really like, and the sellers agreed on the price. Well, then I hear from my realtor yesterday that a relocation company is involved (one of the sellers is moving for work). The relocation company has stipulated NO option period. Essentially, they had their own inspections done and are providing those, so they feel there is no need for an additional inspection by the buyers. I can still have my own inspection done once we are under contract, but at that point, if there is a problem and I walk, then I lose my earnest money.
My initial thought when I found this out was to pass. I do like the house and it's a good price. They have actually had other offers and interest, but everything breaks down once the buyers find out about the no option period. Is this just completely unheard of or has anyone else dealt with something like this before? Everything looks fine with the inspections they provided, no big concerns. And it's a newer house built in 06 (not something 30 or 40 years old). I am tempted to try and get them to lower the earnest money, and then have my own inspection done. If everything checks out and there are no major discrepancies between their inspection and mine, then we're good.
Of course, if I go that route and there is a major problem that they did not disclose or find, then worst case I lose my earnest money. That said, if I were to find a major problem, is there any recourse to try and get the earnest money back (failure to disclose, etc). Or should I just walk away from this whole situation and keep looking?