When you are buying a home it seems like there are so many reports and inspections needed. You are advised to get the home appraised, inspected, checked for termites, surveyed and so on. Why are there so many different reports?

Each report will tell you something different although some clearly have overlaps. But they all offer something that other report won't cover.

Lenders make loans on the sales price or the appraised value -- whichever is less. The appraisal is an estimate of value by an independent third party. This reduces the lender's risk by assuring that the property is worth what you are paying for it. As a general rule you do not often see a