Yes. Two important processes that need to be initiated are a home inspection and an appraisal. For your protection it is strongly advised that you hire a professional home inspector to examine your potential purchase; which can be paid out of the escrow at the close of the transaction. A certified home inspector will produce a detailed written report for you. The home inspection should be done first so if unexpected issues arise, and you no longer want to purchase the home, you have not yet paid for the appraisal. The appraisal is required by the lender to insure the value of the purchase equals or exceeds the investment. If you are paying cash, you are not required o have an appraisal.