Steve, to buy or not to buy is your choice. Do you already have your termite report? Or are you just being proactive? The termite reports that I have seen are quite detailed with clarity. They will say if there is no sign of damage, no sign of damage now, but previous damage and where it is located.
I would suggest that you get something called a Guarenteed Termite Inspection. Therefore, if there are termites they will come back and take care of the problem for you. It is usually much more reasonable then if you get a non-guarenteed termite, then if you have a problem it could be several hundred dollars more to take care of the problem.
If there is termite damage you can re-negotiate if your contract allows you to of course. You will have to check with your buyers agent on that one.
I hope this information helps! Best Wishes!