You are never obligated to do any repair work. That could keep your buyer from completing the transaction to purchase, however. It is usually best to negotiate the items in question.
The buyers cannot get out of the contract with the inspection objections deadline exceeded AND get their earnest money returned, but they can get out of the contract unless the contract box was checked that said the buyers are to be held to specific performance.
There are probably later deadlines that the buyers may use to get out of the contract AND ask to have their earnest money returned, though.
You should ask a Real Estate attorney to be sure of any contract language you do not understand or is not explained to your satisfaction. This is stated at the top of all the Colorado Contracts to Buy and Sell as well as a statement to get tax advice if you have questions.
Once the Inspection Objection deadline is past you officially have no obligation to entertain there requests and the earnest money could be forfeited if they terminate. I am sure you have spoken with you listing broker on how to proceed at this time. If it is a good offer and you want to proceed with these buyers, you could agree to some of their requests. Of course, the buyers could agree to waive the inspection and move forward. Confer with your agent as to what steps to take next. Also, be aware that the buyers do have other 'outs' if they want to terminate and attempt to get their earnest money back. The primary out at this point is through the financing. They can disapprove financing any time up to closing without the penalty of losing their earnest money. Proceed with caution.
Robert McGuire ASR
Your Castle Real Estate
Direct - 303-669-1246