Negotiation after inspection

[Anthony Colon]

My wife and I are in the process of negotiating our first home purchase and we have just completed the home inspection.  We settled on a price that is close to the seller’s asking, but the inspection brought up four major issues including the following: UST (oil tank), asbestos insulation on the steam pipes in the basement, Federal Pacific fuse panels, and damage in the sewer line.  

Does anyone have any advice as to how to proceed with the rest of the negotiation?  The property was listed for approximately 100 days and the price was cut by $16K before we submitted an offer that was $15K below that.  Any advice will be appreciated.  Thank you.