Advice needed
Hello,
I am currently in escrow buying a house from Fannie Mae, I discovered that the house is in a high risk Fire and flood zones, I decided to back out of the deal but it was after the 10 days inspection contingency, the asset management company declined and wanted to keep my $10K deposit, (although the Listing agent told me he would extend the inspection contingency because we couldn’t turn on the utilities within 10 days, but he never did)
the property will not positive cash flow after the extra insurance costs.
What do you guys think? Bite the bullet and continue with the purchase? or take them to small claim court and hope to get the deposit back? what are the chances of getting deposits back after the contingency period expires?
thank you all,