Put down an offer before seeing the house...

[Yonatan Yekutiel]

Hi everyone!
First of all i wanted to say that all the information i got from all of you is very interesting and useful so thank you all!
Now here is my problem:
I saw a house on MLS and liked all the details so i did a drive by and iliked what i saw... nice area, close to the university, the house looked not too bad and the listing price was about $5 lower then the ave. $/SF in that area.
I talked with my agent and she said its not possible to see the house yet because there isn't a key yet, so i decided to put down an offer for 85K which was the listing price as well.
The owner accepted the house and now we are waiting for the bank's response. but. 2 days ago i was able finally to go see the house, and for my disappointment the house needs way more work then what i hoped for... it needs new kitchen cabinets plus appliances, new flooring all over the house, new toilets baths and sinks, and some major work at the back yard including replacing a broken spa (or filling the hole in cement).
So, my question is, from your experience: Would i be able to lower the price if and after the bank accepts my offer and how do i do it? would a house inspection be enough or should i need an appraisal as well? and does any of the problems i mentioned above is big enough to lower the price significantly?

I know its a long story but i will appreciate any help on the matter! I an currently stressed about this issue and not sure how to proceed...

Thanks a lot!