Why would the bank take pictures of my house?

A mortgage company may send someone to take photos of your house for appraisal purposes if you’re selling it or are trying to modify your mortgage loan. Photos may also be taken if you’re falling behind on your mortgage and a foreclosure is foreseeable.

Can a mortgage company inspect your home?

The Inspector Mortgage companies hire these professionals to verify that you and your family haven’t left your home. If the inspector determines that you have abandoned the house, he has the legal right to enter your home and perform an interior inspection.

Why would a mortgage company do an occupancy check?

Why do mortgage companies verify occupancy? Mortgage companies will verify occupancy because mortgage fraud is a fairly common practice for those looking to avoid the high interest rates of investment properties. Moreover, occupancy can affect the appraised value of the property.

Can people be in appraisal photos?

As a business, we’ve simply decided that if there are any people at all in the picture – whether they’re under or over 18 years old – then we’re not taking a photo of the property. However, appraisers must include their own photographs as well to document compliance.”

What do mortgage inspectors look for?

A home inspector will look at things like a home’s foundation, structural components, roof, HVAC, plumbing, and electrical systems, then provide a written home inspection report with results. A home inspection generally takes two to four hours, but may take more time depending on the size of the house.

What do loan inspectors look for?

Professional home inspectors look at your whole home up, down, side to side and everything in between. Their job is to look at features like the physical structure, walls, roof, attic and windows, to name a few. They’ll also inspect the systems in your home, such as your heating and air conditioning.

Do banks verify owner occupancy?

Occupancy Status The investment property option informs the lender of the borrower’s intent to rent the home. A mortgage broker will check the selected occupancy status, as the terms vary among loans for a primary residence, a secondary residence and for investment properties.

What does a mortgage inspector look for?

Why would a mortgage company take photos of my house?

A mortgage company may send someone to take photos of your house for appraisal purposes if you’re selling it or are trying to modify your mortgage loan. Photos may also be taken if you’re falling behind on your mortgage and a foreclosure is foreseeable.

What do the photographs reveal to the lender?

The photographs reveal to the lender the condition of your house, your street and neighborhood. Along with additional comparable sales information taken by the real estate agent performing the research, the lender establishes the value of your home in order to substantiate the loan modification request.

Why do contractors take photos of Your House?

-Contractors doing work in the neighborhood: Perhaps one of your neighbors truly like a feature of your home and would like to duplicate it and the contractor they hired is simply taking photos of your house. -Appraisal: Appraisers do actually go out and take photos of recently sold/active/pending sales if they’re not available in MLS.

When should I take photos when buying a home?

Photos may also be taken if you’re falling behind on your mortgage and a foreclosure is foreseeable. The mortgage broker will nearly always send an appraiser to evaluate a home the company is considering financing.