Reduce offer after inspection?

[Andrew Troup]

Hi All,
In November we put an offer on a short sale house. Recently the listing agent said it was approved in the online system, although we are still waiting on the approval letter.

We have an inspection coming up once the letter comes in.

If we find major damage ($5,000+), we may want to reduce our offer to allow for the cost of the repairs.

Question: If we void our initial contract, are we going to have go through another 3-4 month process, or is it possible to make a simple call to the bank to see if they will accept a revised offer?

Thanks,
Drew