Whereas, working with an realtor you will ensure you get a property that is free of defects.

Or you get a policy without an exception for a defect either because of negligence or a deliberate decision and then you either can't sell or refinance because another title company won't insure over it or worse, you find out when you're sued and wind up in litigation for several years. 

One or more professional inspectors should look for defects or malfunctions in the building's structure, such as the roof, plumbing, or foundation, and detect pest infestations or dry rot and similar damage.

Construction materials defects and the damage they cause have never been covered under any homeowner's insurance policy I've seen.

Be aware that you will be responsible for finding open permits, illegal construction, etc. and you will have no statutory disclosures-mold, defects, lead paint, etc.

The big builders are battling lawsuits everyday by lawyers who form class actions declaring multiple defects, in my opinion don't join one of these, but make sure the builder knows you will do as you need to get any issue resolved.Worth doing IMO, but do remember if it is a tract home, they were thrown up pretty quickly, and may not be to the same standard as a custom builder.Andrew

Agreed, @Dion DePaoliI usually see it as some BS sales pitch by foreclosure defense attorneys as to why you should pay them $4-500/mo for the duration, because they're sure they can find some "defect" that will help you.

Turns out the neighborhood is much worse than I thought, and after looking at comps,  The house is a breakeven proposition     I have no idea how they got that price before     One of the neighbors told us it was a land contract deal     But anyway so I would like to get my EMD back And terminate the contract     My  broker says this can only be done with a documented inspection report     So I have to spend $350 to try to get 500 bucks back     Does anybody have any insights about this process     Can't I just take some pictures of the defects myself    Thanks  

In Colorado HOA's are a hot button due to construction defect litigation so we try to avoid them at all cost.  

Somebody wanting to sue for you backing out of a bad deal or accusing you of selling them a property with defects like unknown termite damage).