But if we would have waited until the lender approved this, we might have been waiting 2 months to do an inspection and the whole while not looking at anything else and then get screwed over and be 2 months closer to our lease ending and not having anywhere to live. We were only out $100 and I'd rather do that than wait for lender approval only to end up terminating the contract due to major problems.
The bottom line is you're lucky it was only a $100 loss. Around here I would not let my buyers do an inspection without lender approval first. The buyers can back out of a deal for any reason on a short sale, including a better house coming on the market. Short sales come with risk, and you need to figure out if you want to take on the risk or not.
I just noticed all of these threads you started. Maybe you should find a new agent if you are not getting answers to all of your questions? You are asking agents who do not represent you for legal advice. Go find yourself a bank owned house or a normal retail property and forget about short sales. There will be much less stress on everyone.