My observation and feed back from others is that most home inspections are a joke. If an inspector fails too many homes the realtor will remove their brochure from their office which is where most home-buyers make their selection. Unfortunately you can't get financing without an inspector's report.
Despite their disclaimers though, they do have liability if they miss something that should be apparent to a qualified person and you are like to learn of major deficiencies or hazards.
Almost everyone agrees that you should be there during the inspection. The realtor will be there too but is expected to observe only and not comment. The inspector will likely say things like "The roof is good but will probably need replacing in about 5 years." Or... "That furnace is about 30 years old. I've seen that model fail after 20, and last over 50."
If they get chatty they might point out things that are fine and dandy from a safety point of view even if a little out of code or the other way around. There were wires going over my rafters instead of through them, in the attic. There had been tar slathered over a leaky point in the roof, on the inside surface which is not suitable for long term but the owner had already told me that was why he had a new put on a few years prior. You can also make a list of things you might want to be sure they address.
Since this process does have the potential to be valuable I'd recommend it even if you don't need it for finance purposes. An inspection can reduce the number of post-sale surprises and help you plan any desired fixing-up.
Good luck!
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