Apartment mortgage inspection

[MaggieTheCat]

Our apartment management pinned notes on everyone's doors yesterday stating that a mortgage inspector was going to be coming through random apartments tomorrow. I called this morning and they said it could happen anywhere from 9am-6pm and that not all apartments will be entered but the mortgage inspector will decide basically on a whim which apartments he wants to enter.

Any idea why they are doing this? Should we be worried? My husband has been at this location for 5 years and said they've never done this before. Do I need to worry about the apartment being super-clean or anything?

[telecom_goddess]

They are probably inspecting for mold issues, structural issues, warping, water damage etc. Although they should not be choosing random apartments on a whim......when my place does these inspections they go into every apartment, and they tell which day yours will be entered.

[KellyHabersham]

Sounds about how it's been done at my apartment complex, although we've only gotten the "mortgage inspection" notices two out of the nearly ten years that I've been living here. Not sure if they ever entered my apartment though - it would've happened when I wasn't home, and I never got a note or anything to that effect.

[Broomjockey]

Any idea why they are doing this? Should we be worried? My husband has been at this location for 5 years and said they've never done this before. Do I need to worry about the apartment being super-clean or anything?

The place is probably refinancing the mortgage or something, so the bank wants to see the value of the place as it stands, and to make sure there's no insurance liability issues. It's not something that would be done often, so not having it done in the past 5 years doesn't really mean much. I'd make sure the place is at least in such condition that you wouldn't be mortified of people seeing it. Beyond that, they're concerned with the building, not the tenants.

[taxguykarl]

Broomjockey is probably correct there. Various tenant-right's laws mandate an advance notice of such an inspection.