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.