Renegotiating with hud

[Michael Gessner]

Good afternoon all, I'm currently in contract on a reo held by hud. The numbers looked really good back in early feb when I signed contract, however things have clearly changed drastically with covid 19. In contract for 225,900, 40k reno, 400k arv appraisal. 400k arv obviously was when the markets were doing well and now I'm excepting atleast some drop in arv. My agents telling me hud will not renegotiate and I will have to cancel contract and re submit. Has anyone been in this situation with hud before where u needed to renegotiate? This property is to be flipped, I have my own guys in place that do my renovations so I'm not concerned about lack of contractors, mainly what will the property be worth in a few months. It's in a decent area 45 mins north of nyc.