Was the Seller a private party or a Bank or Probate Trust? Was this an auction property?
Also you were provided, unless a bank or probate sale, with a Transfer Disclosure Statement (TDS), a Statewide Buyer Seller Advisory (SBSA) and possibly a Seller Property Questionaire (SPQ) and even an Supplement to the SPQ. On what basis did you NOT have a property inspection completed? Did you have a Pest Inspection but not a Property Inspection? Did you purchase the property "AS IS"?
If your Broker actually advised you AGAINST having any inspections completed then seek the advice of a real estate attorney immediately.
If you are in California and you contact me directly I will review your situation with you over the phone and refer you appropriately.
I would advice you to hire a good real estate attorney and bring litigation against all the parties involved. DO NOT let them off the hook. Especially, the real estate "professional". A civil suit can also be brought against the parties and with good representation and evidence of financial damage to you; you have a good chance of winning. If you think that the parties were involved in any type of cover up or conspiracy or gross negligence you can sue for punitive damages.
In your question you mentioned that your agent has worked as a real estate professional for 30 years. Back in the day most brokers were intimidated by home inspectors since they held the finality of the deal in their hands. Home inspections were not as common and brokers felt relieved if a buyer didn't order one. Your agent may still think in the 'old school' way. Most brokers and agents now prefer a home inspection so that any potential problems are identified before you close not after. That way if there is any problem it is still the sellers problem and the agent does have to deal with the ramifications later. The focus these days is to build a long term relationship with clients so that you will come back to them later for your real estate needs. We also hope that you are satisfied with the experience and will refer business to us. Good luck---Allen
The broker has responsibilities with respect to the paperwork you sign and other duties in connection with the contract.
It is highly advisable for buyers to hire their own home inspectors. There was a lawsuit in New Jersey some years ago and a court ruling in favor of buyers whose agent recommended a home inspection company. There were charges of collusion between the real estate company and the home inspection company, prompting many risk management concerns about real estate agents recommending home inspection companies and subsequent to that ruling many real estate agents stopped attending home inspections.
Errors and Omissions (E&O) Insurance is a type of insurance coverage that real estate brokers and agents carry that is similar to physicians' malpractice insurance. Some E&O carriers ask real estate brokers to stipulate that their agents will NOT accompany buyers and home inspectors as a risk management precaution and a condition of coverage.
The agent is required to disclose known defects of the property.
Were you working with a buyer agent who owed you special fiduciary care, or were you working with an agent for the seller? A buyer agent relationship gives you an advocacy edge that you do not enjoy when you are working with an agent for a seller or a dual agent.