Inspection of the property by the bank

The property was reassessed as part of the follow-up financing with us. Overall about 30 minutes (significantly longer than the first time) and many photos and room measurements were taken.

This led to an increase in our valuation

The bank is probably concerned about the follow-up financing in 10 years or so. They are just considering whether they can still support it then or if they will have to enforce foreclosure.

The bank is probably concerned about the follow-up financing in 10 years or so.

No, it's simply about the property here and now.

One reads that the bank often does this during loan approval or only an external inspection.

That has been tightened up in recent years. It's fine.

We received the money from the bank for expansion/renovation in March 2019. In February 2021, someone came by. We weren't quite finished yet (but we also took a 5-month summer break in both 2019 and 2020). The bank just wanted to see that the money was actually invested in the house and that there weren't 2 Porsches parked in front. Took a few pictures and he was gone again after 10 minutes.

Our bank advisor remembered almost three years after moving in that he would like a photo of the house from the outside. And that was all.

Our bank advisor told us a story that led the bank to take a closer look. After the loan was granted and the supposed start of construction, the bank advisor went to the construction address, and the borrower always nicely showed the bank advisor the progress. Everything looked good. However, in the end, it turned out that the man had always shown the bank advisor the construction progress of a neighbor’s new building. The money was gone, no securities were available :oops:

Whether the story really happened like that I don’t know for sure, but I can well imagine it.

Our bank advisor looked at our little house three times, he wanted to see the shell construction, then once the installed (expensive) technology, and finally when it was almost finished, but after the remaining amount had been paid out.