There is no way to know if you have a cause of action without reviewing all of the paperwork that you signed when you bought the home. You may have agreed to purchase the home "as is" subject to a home inspection for structural defects.
If the home is less then 10 years old, and the builder obtained a homeowner warranty (HOW), you may have a claim under the HOW insurance program.
If the realtor advised you not to obtain a home inspection, you might have a negligence claim.
You should consult a local consumer protection attorney.
I am not a AR attorney, laws vary from state to state, therefore you should always consult a local attorney.
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This is one of those questions that is difficult to answer on a general information site over the Internet, because an attorney will need to review the contract, the disclosure forms,and make an investigation into the particular defects (most likely you will need to get an expert to look at the cracks to give an opinion).
It is important that your realtor advised you that you did not need a home inspection.
Make an appointment with an attorney, and take a copy of all of the paperwork related to the purchase of the home and pictures of the cracks to the appointment. If you have had someone look at the cracks (such as to make repairs) take any reports or estimates with you as well.
This response is for information purposes only, it does not create any attorney-client relationship. Responses to questions posted on this Forum are of a general nature only. Because it is not possible to have all of the facts of your issue addressed in this forum, you should consult with an attorney to review the unique circumstances specific to your situation. www.TheSchollLawFirm.comAsk a similar question
In all real estate transactions, the documents are very important part of what rights you get and what rights you are signing away. The Statute of Limitations for misrepresentation in Arkansas is 3 years. This means you have to file suit within 3 years of the act of misrepresentation not the date of discovery that you have been lied to by someone. You need to contact a lawyer to see what rights you may have in this case. The facts of each case are very important and could not be properly discussed in this site due to limited space. You may have a lawsuit against the real estate agent and/or seller. However, please be aware that most lawyers take real estate litigation on a "by the hour" payment arrangement rather than on contingency fees. Also, real estate litigation is very expensive because you have to hire engineers to test your home and to testify.
This answer does not create a attorney client relationship and cannot be relied upon as a legal opinion as there are too many unknown facts to this matter to render an opinion at this time. Campbell & Grooms, PLLC http://www.campbellgrooms.comAsk a similar question