Renegotiate purchase price after inspection?

[Darsh Patel]

Hi everyone, 

I just got an inspection report on a rental property that I am buying and have an accepted offer on. It came back with a lot of minor fix ups that need to be done. I didn't expect this many things to fix up so I wanted to ask... is it common to renegotiate the purchase price after doing an inspection? I'm thinking about just taking a grand off just so I have some more funds to get the repairs done. Thoughts appreciated! Thanks 

[David Faulkner]

Never have the seller perform the repairs in escrow. What incentive would they have to spend the money to do a halfway decent job? Then you'd have to reinspect, etc. If you are going to renegotiate, it is better to get a discount on the sale price in lieu of repairs and complete the repairs after COE IMO.