Home inspections are not always required by the lender but they are highly recommended! Even if it is a cash transaction. They can reveal defects that are not easily detected such as in the attic or other inaccessible areas. You can also verify that the electrical panel is the correct size for the home, that the plumbing is not old and leaking or if there are possibly any moisture stains in the attic which may mean there is a roof leak. Even thought the seller will have filled out an extensive disclosure form, many items they may not be aware or simply forgot since there is so much going on.
Always have the home checked out by a licensed inspector as that will only bring peace of mind to one of your biggest investments you will have.