AC Unit Was Stolen After Contract Was Ratified

[RJ M]

I have a contract on a property that I went to view out of state. When I looked at the property there was an AC unit. Per my lender's request, I ordered a BPO over the weekend, and I got my report which stated that the AC unit was missing and had pics to prove it.
It was starting to be a headache trying to get the house funded anyway because the equity spread was not large enough to purchase and do repairs.
Can I use the stolen AC unit as grounds to back out of the contract?

[Nick J.]

Your contract should state the property be in the exact same condition it is as the time of signing the contract as it will the day of closing.

This is why you hear a lot of investors will walk the property the day of the closing.