The Appraisal Report / Will the appraisal substitute for a building inspection?

Absolutely not! The appraisal is a market report, an analysis of value. The appraiser is not qualified to tell you whether the roof is good, the cellar leaks or the foundation is cracked. If you are purchasing a resale home, be sure to have a licensed building inspection firm prepare a report. We recommend an independent building inspection even when purchasing new construction. And one more thing, make sure your Contract for Purchase and Sale gives you the right to have the property inspected, unless you are buying “as is.”