Mis-representation of a single family property

[Jason Sung]

HI, I am under contract for a single family property. I put an offer while I was out of town and my offer is selected. In option period, I got inspection report (still I was out of town) and decided to move forward. After the option period (or inspection period), I finally came back home and had a chance to visit the property with my contractor. Then I realized that the house is 2 bed/1 bath, instead of 3 bed/2 bath as listed in MLS. The contractor says it will be way over my budget to change the house to 3bed/2bath. In this situation, is it possible to back off from the contract with my EMD? What options do I have in this situation? Thanks!

[Chris Seveney]

Quote from @Jason Sung:

HI, I am under contract for a single family property. I put an offer while I was out of town and my offer is selected. In option period, I got inspection report (still I was out of town) and decided to move forward. After the option period (or inspection period), I finally came back home and had a chance to visit the property with my contractor. Then I realized that the house is 2 bed/1 bath, instead of 3 bed/2 bath as listed in MLS. The contractor says it will be way over my budget to change the house to 3bed/2bath. In this situation, is it possible to back off from the contract with my EMD? What options do I have in this situation? Thanks!

 I am more curious how the listing agent and the other agent obviously missed this. Is there more to the story on this?