Won the bid on a hud, got an inspection can I renegotiate?

[Johnnie Fair]

Won a hud listing and had an inspection. There is a giant tree around a ton of electrical wires which will cost a bunch to replace. It has a 2 prong wiring but it’s been rigged with 3 prong outlets with a fuse box. Asbestos siding needs to be replaced in a small area. There’s some wood rot and a few other cosmetic issues. Are these things I can ask my agent to renegotiate with hud? I’m thinking of bumping it down by 6-7k. It’s 11k under county appraisal as of now. Please give me your thoughts, thanks.

[Greg H.]

@Johnnie Fair

No HUD will not renegotiate at all. Your options are to move forward and close or to terminate. Keep in mind you will lose your earnest money if you fail to close