Can you Rebid on a HUD home after cancelling contract?

[Darrell Lewis]

I tried purchasing a HUD home for my first investment property. I have it under contract, but after doing an inspection I found that HUD's PCR wasn't even close to being correct. I am going to back out of the deal as the numbers just don't work now. If I cancel the contract am I allowed to rebid at a lower amount to try to purchase it again? I know I will lose my earnest money when cancelling the original contract.