What is the difference between a home appraisal and a home inspection?

An appraiser estimates a property's market value compared with similar properties; a home inspector examines the property for damage, wear, and maintenance issues. The appraiser works as a neutral third party to support the lender's decision, while an inspector's report tells you about the condition of the home's systems and structure. An appraisal is not a substitute for an inspection: appraisers note visible defects only to the extent they affect value.