Under HUD contract; can I revise bid/offer based on inspection?
Greetings;
So . . my offer on a HUD house was accepted; used the 89% rule - Thanks. But just read the "successful HUD bidding strategies" and there's sooo much I didn't know. Using a 'not-so-HUD-experienced" broker (but she is Awesome in so many other ways!). Bid as Owner Occupant. So: I don't know if the house was "insured" or not. I DO know that the previous offer fell through due to financing. So I probably could have bid a bit (a lot?) less. anyway . . .
If the house was in the condition the HUD site 'suggested' - with plumbing issues and some bad outdoor steps, I would have been very pleased with my bid. BUT . . just had my house inspection: house will need new roof, new furnace, and the sill plate on the garage 'fixed' somehow as it's rotting fast! That's just the big stuff. My contract states (suggests) that I can only cancel if an inspection reveals problems that were not addressed in the property disclosure. OK - but I don't want to cancel. I want to revise my offer based on the work needed as identified in the inspection. Like I could with any "regular/typical" offer and seller.
Will HUD "negotiate" based on my inspection?? Or will I have to cancel and hope I'm the best bidder again? My agent is not clear on this and looking into it.
Thanks
Kelly