Appraisers have been concerned about the new HUD "Buyer Protection" program since before it became reality for the very reasons presented in your story. Home Inspections and Residential Appraising are two very different disciplines. There is nothing wrong with doing both, as long as you are trained for both. Appraisers are trained to observe and report on visible defects in a property. They are not trained as building inspectors. I have chosen not to have my company do these reports because I am concerned about future liability. Many appraisers told HUD at they felt the TV ad campaign misrespresented what they do. Maybe now HUD will abandon the program and return to a more sensible program. I am not opposd to having a copy of an inspection report and considering the results of the report when I preform my appraisal, as long as the report was prepared by qualified home inspector.