First, you make a written offer and include the earnest money as a check to the real estate agent. Personally, in this market, I would make an offer that is lower than the asking price. Always remember that the agent is working for the seller, so do not reveal any information that you don't want the seller to know. You negotiate a final sales price and sign a sales contract that includes an inspection contingency. Then, you hire an inspector who will provide you with a report that will include defects that you should ask the seller to fix. The sales contract will describe your options and the seller's options for dealing with the defects and whether you will proceed with the sales contract. As long as you don't violate any provisions of the contract, you will get back all of your earnest money if the sale does not go through. Good luck.
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