I had a friend who bought a house with major termite damage (i.e., every wall had to be removed to repair the studs basically), and 2 inspectors overlooked the damage. He said in retrospect (after doing a bunch of research on termite damage), it should have been obvious to inspectors, but they missed it.
He tried to pursue legal action against either the seller or the inspectors, and basically was told: impossible to prove seller knew (as there was no repairs done), and inspectors are not held liable.