No. Land Contract is when a house is in bad shape and you can not get a conventional or FHA loan. That is when it is sold as land contract. I would expect a house in severe disrepair to be sold as is / land contract. Otherwise, the owner could put the 'minor' repair costs into the home and sell it as FHA.
In most states,"Let the buyer beware" is the rule. if you do not exercise your right to an inspection period,you probably have little recourse,but your best option is to contact a real estate attorney.