Hi Gita in my office....:)
I started typing and just realized this is an old question, answer is done buy not timely.
In the RANWC contract 5.0 the standard contract language automatically voids the contract unless attorneys for the seller or buyer request and grant an extension prior to the ten provision for resolving home inspection issues. So out of state agents, the Illinois contract has language to kill a deal when buyer and seller do not agree on how to adjust for home inspection deficiencies. My suggestion is to let it expire and write a new contract adjusted lower to the amount you want to pay. Unless there is another buyer in the wings, let this deal expire and write a fresh contract modifying the price.