Changing Offer After Contract Termination?

[Ursula B.]

Hi everyone:

I'm in a situation and looking for a little advice. I made an offer on a property sight unseen and the seller accepted. Problem is they took an extremely long time to produce the signed contract, and when they did, it was missing things (addendums, initials, etc.). I couldn't forward it to my attorney to start the title search because the docs were incomplete. I told the Seller i wouldn't hand over the EMD without a complete contract.

The listing agent's broker suggested we terminate the contract and start again.  I reluctantly agreed, so three weeks later we're back to square one.  I've signed the termination agreement and the first deal is officially dead.  Now the hard part.  I didn't have the benefit of an inspection before I made the first offer, but was still fully committed because it's what we agreed upon.  Since I now have the inspection report, which revealed additional problems not disclosed by the seller, I'm considering revising my second offer.

Would revising my offer be in poor taste?  Completely acceptable?  I don't want to turn off the buyer or the other agent.  I'm thinking of reducing my offer by $1K (I found out the windows are painted shut and will have to be replaced).

Your insight is appreciated.

Ursula