Why Do You Need an Appraisal and an Inspection When You’re Buying a Home?

Most lenders require you to get an appraisal to approve financing your home loan. This ensures they are not financing a loan for more than it’s worth. A home inspection is usually not required, but it is an important part of the home-buying process. It can help you protect your financial interest by identifying any problems with the home.

Some homebuyers are willing to waive an appraisal or inspection if the home is being sold “as is” or if they want the transaction to close quickly due to competing offers.