Can I get out buying a house after closing

[McElvain]

I just closed on a house on Nov 16. The house has had a previous termite infestation. The infestation was believed to have affected only the lower basement area and was treated in 1999 and we were told that took care of the problem. Before closing on the house, a state required pre-termite inspection was done that said that no live termite activity was found and a structural inspection was done and it said that no structural damage was done. However, I noticed a peice of wood panelling that felt paper thin. I poked it with a finger and it went through. After removing the paneling I notice live termites. So I looked around the area of that wall and found the same weak spots on the a sheet rock wall on the other side. I removed a small section of the wall and found severe damage done to the split level floor joist. Plus termite mud trails heading toward the roof.
The house I bought under the belief was was termite free and did not have any structural damage, has a existing termite problem and structural damage.
What are my legal options? Can I get out of the purchase and walk away? Can I sue for repairs and termite treatments?

 

[HomeGuru]

Rescission applies only if the Seller knew and did not disclose the problem. Contact the termite company for treatment and to mitigate further damages but be aware that all inspection companies ie. home, termite and structural are not responsible to inspect inaccessible areas.