First week of escrow, foundation issues discovered. What to do?

[Michelle Martin]

I've never posted on this site but I have been lurking. I'm in escrow on my first investment property, in Cincinnati. I kind of broke the rules with this purchase because I don't have a team set up or anything. The property (4-plex) was such a good deal, I couldn't pass it up. I received bad news from the home inspector today, he found foundation/structural issues and recommended that I have a structural engineer inspect the home. I took his advice, and the home will be inspected tomorrow. If the property needs like $15-$20k worth of work on the foundation, can I renegotiate the purchase price while in escrow to cover those repairs?

[Mike Cumbie]

Do you have an inspection addendum written up allowing you a specific amount of time to perform inspections and a specific time to give them your objections?