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Post by bigmamathang on Jun 4, 2019 14:08:44 GMT -5
I just got a note in my door saying there will be a "bank inspection" of my apartment tomorrow. I notice a lot of my neighbors have them in their doors. Does anyone know what this is and what they'll be looking for? My place looks like a tornado hit it so I wish I could have gotten more notice. I have less than 24 hours to clean up this huge mess. I'm not really stressed bc the note said the inspection will only take a few minutes so I'm guessing they're not gonna be opening all my cabinets or anything but I'm a little nervous. Whenever I know anyone needs access to my apartment I make it a point to NOT be there because I just know it's gonna be so uncomfortable for me to have someone all up in my space so I plan on being out of the house tomorrow.
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Post by nifty50 on Jun 4, 2019 14:35:40 GMT -5
I just got a note in my door saying there will be a "bank inspection" of my apartment tomorrow. I notice a lot of my neighbors have them in their doors. Does anyone know what this is and what they'll be looking for? My place looks like a tornado hit it so I wish I could have gotten more notice. I have less than 24 hours to clean up this huge mess. I'm not really stressed bc the note said the inspection will only take a few minutes so I'm guessing they're not gonna be opening all my cabinets or anything but I'm a little nervous. Whenever I know anyone needs access to my apartment I make it a point to NOT be there because I just know it's gonna be so uncomfortable for me to have someone all up in my space so I plan on being out of the house tomorrow. Likely the apartment complex is being sold or refinanced. Another possibility is that the owner is ready to invest in another property and is offering your complex as collateral.
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Post by CourageouslyLion SeeksSerenity on Jun 4, 2019 15:04:38 GMT -5
This happened to me once. It's not about cleanliness, it's just verification.
The bank needs to know that there are no fire hazards, that all the appliances work, and that the roof is intact, and that the bathroom and kitchen plumbing works. They might inspect electrical outlets and verify that the doors and windows work.
In other words, if the bank is going to refinance the building, they want to know that the apartments are "rentable".
I was told by the bank inspector that he once heard a story where a bank refinanced an apartment building and it turned out that the toilet was missing from the bathroom! So after that, the bank was more attentive to verification. Think of this as a "verification inspection" and not a "housekeeping inspection".
If you have an insect infestation, or rodents, or black mold, or flammable papers stacked to the ceiling, the bank will consider it "unrentable". But otherwise they won't care.
(Of course, your landlord/landlady may choose to observe your housekeeping, so it probably behooves you to clean up .... but that's not the point of what the bank is doing.)
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Edit to add this:
They might inspect a few apartments in more detail, and then glance into the rest of the apartments just to verify that the basic needs are there.
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Post by CourageouslyLion SeeksSerenity on Jun 4, 2019 15:15:36 GMT -5
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Post by ohblondie on Jun 5, 2019 15:10:37 GMT -5
What CLLS is describing is what we had to do when we applied for a refinance to do some improvements. They wanted to make sure the walls and ceilings were intact and the bathrooms and electricity and plumbing were ok. In an ironic way - our house appraised lower because the bathroom needed repair - which is what we wanted to borrow the money for. catch 22. Sadly they took pictures and those pictures will exist for eternity. but hopefully only in our personal folder in the bank. And when we pay it off hopefully they will be destroyed.
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