An appraisal addresses value.

An appraisal is an opinion of value for a defined purpose. When financing is involved, ask the lender how the appraisal fits its process and what happens if additional questions arise.

An inspection addresses condition within its scope.

Discuss the inspection scope, limitations and report with your inspector. Ask which systems or concerns require a separate specialist. Do not assume every defect can be identified or every feature is included.

Connect the findings to your agreement.

Review the actual contract deadlines and options with your agent and seek legal guidance where needed. Inspection findings and appraisal questions may call for different responses; there is no universal result.

Sources & further reading

CFPB · buying a house

General educational information. Consult the appropriate qualified professional for legal, tax, lending, inspection or appraisal advice.