Have you already purchased the home ? If not, I would always recommend to get a home inspection. Most good inspectors are not going to miss any electrical issues - especially saftey issues. Not to mention the inspector would look at all the other systems in the house - roof, plumbing, heating/central air, electrical, interior, exterior... etc.
However, if you already purchased the property then what was the reason you did not do a home inspection ? Was it being sold as-is ? Do you get a deal accepted with a lower price ? As the other pro stated, the next step would be to review the disclosure. However, if the seller knew nothing about the electric, then it would be tough to prove that they did not disclose something that they were not aware of.
Was their a warranty included on a deal ? If so, you can contact the warranty company. The best bet would for now to get an electrician over to rectify the problem and if you have a case, get your buyers agent involved to help negotiate something for you based on the original terms of your deal.
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