What does a transaction reversal look like?

After we bought our house we had some major issues. Long story short we sent out a demand letter to the seller, our agent and their brokers. We received the option of having them make the repairs needed (which are extensive: new septic system, new roof, major foundation work, new windows, irrigation system, rain... show more After we bought our house we had some major issues. Long story short we sent out a demand letter to the seller, our agent and their brokers. We received the option of having them make the repairs needed (which are extensive: new septic system, new roof, major foundation work, new windows, irrigation system, rain gutters, termite treatment and damage repair, permitting additions that were not to code) OR reversing the transaction altogether. What does a reversal look like? Will we get back everything we've come out of pocket for (down payment, payments to date, escrow $ etc)?
Update: We had full inspections done prior to purchase, the seller lied in his disclosures, we were able to prove this, hence the offer to make repairs or reverse the transaction.
Update 2: Only looking for an answer as to what a reversal looks like financially. We have already gone through the full legal process here and my options are A. Repairs to be made or B. a Reversal. NOT looking for feedback or comments on if this is possible.
12 answers 12