This a place we looked at in Wisconsin. My BIL talked to the people who bought it, and they are paying BIG TIME for not having it inspected. There is no drain tile anywhere around the house, and it will cost thousands to have it put in.
They found a pool of water in the crawl space about 6" deep, and seepage in the basement. When we were there, there was a bad odor throughout the house, and it was way bigger than what we were looking for. We have 1950 square feet now, and we want to step down; it had about 2500 square feet. The agent asked if we wanted to make an offer (they wanted $230,000) and I said that $185,000 would be the absolute maximum we'd even consider, but we didn't want it and needed to sell our place first so we'd have cash in hand. My BIL said the same thing - he saw from $180,000 to 185,000, and not a penny more.
[youtube=425,350]http://www.youtube.com/watch?v=E_8j7k1TDoY/youtube]