Renegotiating price on REO after bid is accepted

[Konrad R.]

I know most REO's are sold as is. I"m trying to lineup an inspector and possibly a couple of contractors to get concrete numbers on repairs. I realize that things that should have been noticed through visual inspection should have been assessed prior to determining my offer amount. I'm just wondering if additional things are found. Do banks normally reduce the price or make any repairs?

There was a lot of offers on the property and the property went for over the list price. There was a lot of activity on the property due to the low list price. I think the agent does this to elicit bidding wars.