If it's the kind of stuff that every house of that age has - such as paint needing repair, maybe a bit of rust in gutters, worn carpet, old HWS units and other things that building inspectors highlight that one should expect anyway - then my view as both a vendor and purchaser is that all those things should have been assumed and taken into account in the purchase price.
If you've discovered, however, that there is a huge termite infestation eroding the joists, or that the whole structure is unapproved, then if they don't agree to a significant price reduction then you should cool off.
You haven't given enough information for me to know whether you're in this category or not - so if not, it's not directed at you and apologies if this sounds rude
- but my point is that I think it's both rude and a bit delusional to enter into an unconditional contract to purchase with a $1-2K penalty for cooling off, and expect the buyer to reduce the price for things that cost, say, $800 to remedy, or for a laundry list of $100 jobs.
The purpose of a B&P inspection is not to ensure you're buying a pristine house rather than an ordinary house, but to give you security that you're buying a house with no major problems.
People trying to renegotiate after B&P in order to make the ordinary house a pristine one just **** me off no end as a vendor, and erode all goodwill. Assume that every house you every buy needs up to $2K in repairs, and take that into account in your offer, and don't get pissy over missing door stops and chipped paint.
</RANT>
And again, if this is not your situation, apologies if rant misdirected. I don't know your situation, so am directing this more at readers generally than you personally.