Bank Inspectors sound like villians with an offensive amount of mustache wax

April 7, 2008 8:21 PM

What's a "bank inspection" and why are they doing it to my apartment?

If there's a synonym, I don't know what it is. At home today, I see the following slipped under my door - "This notice is to inform you that on Tuesday, April 9, 2008, we will be entering your unit for a bank inspection."

Does anyone know what that means, and am I nervous for no reason?

I live in Berkley, California, and am renting one apartment in a 4 apartment building. I have no loans and own no property.

posted by OrangeDrink to law & government (7 comments total)

I'd guess the landlord either is paying a mortgage on the building, or has used the property as collateral, and the bank is doing an appraisal. If that's the case, it wouldn't have much to do with you.
posted by gimonca at 8:27 PM on April 7, 2008

April 9 is a Wednesday.
posted by Dec One at 8:55 PM on April 7, 2008

The owners need an appraisal either because of a sale or a (re)finance. Don't sweat it besides making sure any illegal items are locked away.

Also it is perfectly legal to enter in this way as long as they give you written notice which they have done with a note under your door though they should have given you 24 hours notice.
posted by Mitheral at 8:55 PM on April 7, 2008

It's nothing to do with you. A third-party building inspector or appraiser is checking the property for major deficiencies or to determine the market value of the building. The landlord or a representative may be present.

They are mainly there to see how big apartments are and what sorts of services they have (new commode or kitchen cabinets, say) and if they're in good repair. They aren't there to determine if you've put holes in the walls or left a spot on the carpet. Still, if you have a pet or anything else in obvious violation of your lease, try to get it out of sight for the day.
posted by dhartung at 9:58 PM on April 7, 2008

Nthing that this is routine. The owner is probably either refinancing the mortgage on the building or their loan requires regular appraisals to ensure that the property's condition is such that the value of the building is not in decline (i.e. water damage, etc.) No big, and nothing to do with you.
posted by desuetude at 5:53 AM on April 8, 2008

um. maybe your landlord can't make his mortgage payments..? Just a random paranoid guess -- I'd be worried that the bank would break my lease or something in the near future. But maybe I'm just a worry-wort.
posted by mhh5 at 7:00 AM on April 8, 2008

we had this happen a few months ago. we were terrified it meant that they were going condo and we were going to have to find a new place to live. turns out our building is too shitty to go condo (whew), but it's something else to consider.

otherwise, what everyone else said.
posted by misanthropicsarah at 7:12 AM on April 8, 2008