Perhaps the most critical piece of whether a home is right for you, OR whether your home is ready to sell, is the inspection report. This report is completed by a licensed and bonded professional. If you are approached with an inspection that was not done with a professional, then disregard it. The inspection is also a critical piece that a bank will use to appraise the property.
If you are buying a home, you will have an inspection done usually within 24 hours of an offer being accepted. This is a cost to the buyer, usually $400-$1000 depending on the property location and size.
If you are selling a home, it is useful to go over the list of items that will be looked at by a professional when your home gets its first offer. You will know what a home buyer will be looking for and what they will use to negotiate price based often on the home inspection.
Watch this video or download this pdf to find out more about your home inspection.
http://youtu.be/zdZw57gBUqY