Wall Cracks --> mud & paint OR big problem?

[Alex S.]

I've got an offer in on a fixer upper that has 3 wall cracks.  These cracks are 12-24inches and maybe 1/16th of an inch thick (just through the paint).  They are half way up a cathedral ceiling in the great room.  The listing agent says he has sold the same floor plan in the neighborhood and it had the same cracks which the buyer just sanded, mud, and painted.

My offer is contingent on getting a structural inspector in there to check it out.

So, my question is this: Are there wall cracks that you are "okay" with?  Or, are wall cracks a "buyer beware" red flag that you run away from?

Thanks for your thoughts!