Negotiation after accepted offer

[Richard Cedars]

Hello everyone,

This is my first post to bigger pockets and appreciate any feedback that I can get.

I have a 4-unit property under contract with subject removal due this Wednesday.

This will be my second BRRRR deal in the particular market.

1. I had an appraisal done and it came back $10k lower than my accepted offer (offer: $120k). This will affect my conventional lending (80%LTV of appraisal)

2. I had a property inspection over the weekend, and some capital projects came up as urgent (0-1year) and were not accounted for in my initial Reno budget.

Capital projects: new roof, exterior stairs, landings and sidewalks, boiler was not operating because of summer so the condition is unknown. There was a laundry list of other safety items that affect my revised budget.

Initial budget: $35k

Revised budget: $70k

Anticipated ARV $175k - $200k

Question:

Is it absurd for me to go back and request a $35k credit on completion when my accepted offer is for only $120k?

Note: I’m in a sellers market where places are going for asking/above asking in short order.

Your support through this is greatly appreciated!

Rich Cedars