Inspection of the property by the bank

The Commerzbank sent us an appraiser about 4 months after moving in, as announced, for the new build. He only took a brief look around and wanted some questions answered, such as about the heating, roof type, and the floor coverings used. He also took some photos from the outside, which probably wouldn’t be enough to embellish a potential forced sale ;) in case that is your concern.

Otherwise, the photos are only intended for audit purposes – we definitely have not agreed to their publication :p

Hello everyone,

We bought our house last October and the bank already told me back then that they would come by to estimate the loan value. From everything I’ve read, this is not unusual, after all, the bank gave me the money, so of course they want to know what it’s for. But still, it doesn’t exactly spark enthusiasm in me. Now, half a year later, looking at the house again, what does that do for the bank? On the phone, he said back then (he actually wanted to come in April, but we were still renovating and moving in) that mainly the location determines the price. So I wonder why they still have to look inside the house. What do you think? Is this usual? Thanks and regards

Is it usual? YES
The bank is obliged to inspect the property. Up to a certain loan amount, it is sufficient to look at it from the outside; above a certain amount, an interior inspection must also take place. Some banks take it very seriously (even for small loans with interior inspection) and some are very relaxed (someone just drives by in a car, rolls down the window, takes a photo, and drives on... nobody notices that someone from the bank or on behalf of the bank was there).

When is it done:
For larger loan amounts, the inspection takes place BEFORE approval,
usually up to 400-500k financing it happens afterward (i.e. sometimes weeks or months after the purchase).
The bank sometimes also determines a new value, but that is more for the bank’s internal audit, so it only matters for the bank’s numbers. For the customer, it no longer matters whether the bank determines a higher or lower value.

Therefore, I would take it quite calmly. If the offer for the follow-up financing turns out poorly, it is probably due to the valuation differing ;)

not[/U] agreed to their publication:p

Contrary to popular belief, the bank does not auction off the house, but the district court does, and they send their own appraiser who determines the value. You do not have to let them into the house, but the information including photos will be published.

Someone from the bank also came to look at the house from the inside and outside on their behalf. He asked us a few questions and recorded everything in a questionnaire. That was done within 10 minutes. To my knowledge, it is possible to refuse having pictures taken inside. He asked us if he could take pictures inside, which we declined. That was no problem for him. He then took a few pictures from the outside and nothing more.

It was the same with us, the bank wanted to inspect the newly built house (with a lot of personal effort) after completion. I then wrote to my advisor that I had no time for such nonsense. Since he has the address, he could gladly drive by and inspect it from the street. Then I only got a "Thank you very much" back and never heard anything again. I have nothing to hide, but I was really stressed at the time. ;-)