How do I renegotiate an offer? Or can I?

[Mike H.]

Here's one I've never come across before. I have an accepted offer on a house (one of only my second non-hud deals) and I need some help. Its bank owned and I had a 5 day inspection period.

Didn't like a couple of the things I found in the inspection period (electrician and contractor) and really want to get a little off the price because of them.

The realtor seems clueless as to how I can do this. Do I just cancel the deal and then resubmit a new bid? Do I submit a second bid with the new number and tell them why? Whats the best approach here.

[Wayne Brooks]

Notify them that as per the inspection contingency, you are hereby rescinding your offer, unless the price is reduced to $xxxxx. If the price reduction is agreed to, the inspection contingency is hereby removed and all other terms and conditions to remain the same. Make sure this is in writing, and to the proper recipient(s).