So sorry to hear that, Peter.
But remember, time and money can fix most problems. Perhaps you can mitigate the electrical issues within the context of your existing agreement. Find out not only about the existing systems, but how much it would cost to have them remedied to your satisfaction. Perhaps the sellers will work with you on the financial aspects; you will certainly not be the only prospective buyers to make the discovery.
I have learned the hard way that there are certain things you cannot fix about your home - location, footprint and lot size come readily to mind. There is no substitute for "big", and those extra square feet in the basement are going to be very valuable as your family grows up.
