Banks do property inspections because they have a specific purpose. By performing a property inspection, the bank can assess if the property is worth investing in or if it would be safer to go with another entity. This process is simple and easy but still involves lots of work.
What is the Purpose of a Property Inspection?
When a bank decides to invest in a property, they want to make sure that the property is in good condition and meets the bank's standards. A property inspection can help banks make this determination. Bank inspectors will look for any potential problems with the property, such as structural issues, wiring problems, and environmental hazards. By doing this, the bank can avoid investing money in a property that may not be safe or worth buying.
Different Types of Property Inspections
A bank's property inspection procedure varies based on the bank and the jurisdiction in which it is located. However, most banks will typically perform several assessments when considering whether or not to invest in a property.
One type of inspection that banks often do is a Condition Assessment. This is a detailed examination of the physical condition of the property and its potential for future performance.
Another standard inspection is for environmental issues, such as lead hazards, asbestos, flooding, and structural defects. Banks may also require an appraisal to confirm the property's value based on market conditions.
What are the Rights and Responsibilities of Owners in a Property Inspection?
Inspections of a property are typically conducted by banks to assess the risks associated with the property and to make an informed decision about whether or not to provide financing. Property owners have a right to know what is being inspected, why it is being examined, and what the inspection results are.
Conclusion
Recently, banks in Ohio have begun doing property inspections on a routine basis as a way to deter fraud and protect their customers. This move is likely in response to the increasing number of home foreclosures across the state and other financial scams. By performing these inspections, banks can help prevent someone from taking advantage of another person's vulnerabilities or spotting potential property problems before they become a problem.
Safeguard Properties, LLC.
7887 Hub Pkwy
Valley View, OH 44125
216-282-6221
