Be sure you fully understand these provisions before signing the purchase agreement. In most cases, no. In most cases, your acceptance of the home is automatic unless you notify the seller by the end of the period that you are rejecting it. Renegotiation may be an option, but unless the purchase offer has specific language in this regard, there is no obligation on anyone's part to negotiate. A basic truism of home inspection is that there is no such thing as a perfect house.
Every home needs work.
The purpose of the inspection is to discover any serious problems and to give you a handle on the smaller ones. You need to know which conditions are ordinary and common for the neighborhood, and which ones are unusual.