Time is of the Essence

[Laura Thorne]

I am in the process of buying a duplex in a short sale.  It has been accepted by the seller but their bank has not yet accepted.  

In my offer letter I wrote in an inspection contingency and that I would absorb the cost of the repairs provided they were under $20,000.  Unfortunately I said I would decide within two days after the inspection if I wanted the proprety or not.  I quickly realized that was not enough time to get bids on the repairs (seller has really that the place go).  The seller is giving me a few extra days but I really need at least a week to get my bids.  

Any advice on how to negotiate for the extra time and if the repairs exceed 20,000 for a new purchase price?