Post inspection strategy

[Jack Srimani]

Hi
I am in the process of buying a property that is a bank owned (REO). Initially I gave the offer for thirty two thousand though the asking price was forty four thousand. The bank accepted the offer.However yesterday I had the inspection of the property. It revealed the following:
The roof need to be replaced
The furnace is twenty years and in a year (max) need to be replaced
Some electrical work need to be done
Some brickwork needs to be done which may go to nearly three thousand dollars.

So the total cost of fixing will be nearly ten thousand dollars.

With this situation should I ask bank to lower the price of the property by at least five thousand. Since this is my first REO I have no experience how things work. So I am looking for your advise to deal with this situation. Thans in advance.