Backed out of deal - Still on Market - re-offer at lower price?

[Ashley Abramson]

Hello Everyone,

Had a quick question! I had a property under contract to flip during the month of March, and thought it was going to work out great. 

Purchase Price: 175k

ARV 300k

Rehab 70k

Initially we had budgeted for 55k rehab - so when the bid came back at 70k, our numbers no longer worked, so we backed out during 10 day contingency period in order to get EMD back.

The question is, the property is now listed again at 140k (same as initial listing) Is it ok to make another offer but for less? Or are we allowed to since we backed out the first time?