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A home inspection is an inspection that is conducted before you buy a home. In the United States, it is part of the contract that a home cannot be sold until it receives a home inspection.
A home inspector will go to the home, inspect the basement, heating and air unit, roof, plumbing, electrical and other areas to ensure that the home does not need any major repairs and that it is safe. Although, the home inspection is pretty thorough, it is important to note that a home inspector will not uncover all problems that may exist. There is a list of exclusions like boundaries, zoning or coding violations, soil conditions, water quality, any potential noise interference and buried cables to name a few.
A home cannot fail inspection. There is no grade given. A home inspection is just an examination of the current condition of the house. The home inspector will only detail the current condition, noting any any minor or major repairs that may need to be done.
A home inspection is not an appraisal, so it will not tell you what the home is worth. The appraisal is done by a real estate appraiser.