Home inspection vs. appraisal: what is the difference for Kentucky homebuyers? The inspection tells you the home's condition. The appraisal tells your lender its market value. One does not replace the other. Our updated guide covers what each report includes, who orders and pays for each, what to ask about costs, and what happens if the inspection finds problems or the appraisal comes in low. Questions? Call or text 502-905-3708. Joel Lobb, NMLS 57916.