Yes you can. If there are material or latent defects not disclosed at the time of sale, and the property was not sold "As Is" you may have a case of recission. You will need an attorney. It will cost you a few thousand unless it goes to court and if it does you can ask for attornies fees. The listing agent, depending on the laws in your state, can also be held liable even if they were not aware of the defects as they had an obligation to find out. You need to check your state laws on disclosure on real estate transactions and go see an attorney. It is patently false that you cannot recind a contract.