Contract document specifies time period for the home inspection - usualy 10 day or 15 days. Upon timely complition of inspection you have 5 days to cancell the contract if something serious was discovered.
In a typical transaction seller either sells property "as-is" or provides a document addressing any and all ptoblems (for you to review). If you are working without an agent, you may have a problem. It all depends how your purchase contract was written. Without reviewing your contract one cannot give you an advise. I may be able to review you contract but ONLY, ONLY if you are not represented by an agent.