Re-negotiating an “As Is” REO after inspection, Baltimore

[Tyreese Brown]

Does anyone have any experience re-negotiating an REO property after an inspection had been completed?

Today I had a SFH, rowhouse in Baltimore, MD inspected. The inspector turned up extensive termite damage to the floor joists. The sistering has termite damage as well. They either need to be repaired or replaced on multiple floors. The house is down to just framing, and subfloors, and it has a basement. I'm thinking this may be very costly. I'm having a structural engineer come out and quote me, but if he quotes too high, I'm looking to get a better price on the home.

So with that said, I’m aware the bank will not do any repairs, but is the option to negotiate for a better price, under contract feasible? Better yet, how successful has anyone been with Fannie Mae?