Bothersome trend by banks

A new trend is emerging. Many banks are asking for confirmation letters that repairs have been performed. We are getting a lot of calls from agents that they need us to go back to a house and confirm repairs have been made, and write a letter.

My feeling is that this is a liability and a huge waste of time. Is anyone else noticing this trend? And if so, are you just charging for this service or refusing to write these letters?

Sounds like a guaranteed income stream to me. Be grateful. I’ve never had a bank require a re-inspection.

All my re-inspections are documented in a stand-alone report. That could be submitted to the bank. I would refuse to write “a letter”.

My “usual” reinspect fee is 1/2 of the inspection price, $150 minimum. On a POS, the fee could be as much as the original inspection. It all depends.

Agreed. We’ve decided to as for $150 - $200 to do this. But wording must be well chosen to avoid being responsible for some contractor’s ****ty work.

I have done many of these. Good extra income. All I am doing is verifying that the work has been done. There must be a receipt from a licensed contractor (if required). If there is no receipt (especially for electrical, plumbing, and roof) it is so stated in the report. The inspections are not a guarantee of that work, just confirmation that work was done.

The banks should have been doing this all along. They only haven’t been (until now) because hardly anyone ever let their home go back to the bank.

Now if we can just get these banks to sell some homes! Why are they holding onto them…prices are not going up like they think…that is from what I can see around here? They dont have to flood the market but come on …lets roll…lol…

Because as long as they hold them on their corrupt books at the full value of the remaining mortgage instead of real market value they look to be solvent instead of bankrupt.

They don’t want you to know what their bank is actually worth.:frowning:

And then they get bail outs…:twisted: OUR $$$$ thanks to our great pres…:roll:

The only thing keeping some of these bank “afloat” is the government letting them lie.

Good info. :smiley:

Thanks William

Sounds like FHA loan, has to be in habitable condition, repairs must be made before the loan is funded.

Easy $$$$ :slight_smile:

There is no good reason for a bank to foreclose. It’s better to keep an under-performing loan until the house triples in price, which it will eventually do, in part, because of the Euro.

You see, the Euro collapsing has strengthened the U.S. dollar, which in turn permits Obama to print more dollars, which in turn will cause the coming hyperinflation to hit harder, which in turn will cause these homes to inflate in price again, which will permit the homeowner to refinance.

This is Bernanke’s master plan in a nutshell.

Dear Mr. Banker
At the reinspection of 123 street It appears that the repairs noted in the original report have been made but there is no way in he-- that I can document that they were done correctly or guarantee them. If you need any further information I would recommend getting a letter from the individual trades that did the work.
Thank you for the extra inspection have a nice day.:smiley:

Sorry Nick.
Not even close,

The gov is not “printing” money.(yet)

The gov is borrowing money which has to be paid back.

We will be lucky to avoid defaulting on the debt as the cost of servicing it consumes ever more of the GDP.


The money supply “increase” is not happening when you consider the argument below. We are more at risk of deflation than inflation at this time because the increased supply of money is not getting into wages like it did during the Carter years. Until it does inflation is not on the table.

*But what happens if one (or all) of the banks decides it isn’t prudent to loan out the money and they prefer to increase their reserves instead? In that case, the money multiplier falls. In the following chart we can see that the M1 money multiplier has actually fallen steadily from just under 3x in 1990 to 1.5x in 2008 (in contrast to the velocity of money which rose). But in 2008 the money multiplier plummeted to under 1x. What does that mean? Any kid can tell you, if you multiply by 1 you get the same number, no multiplication has happened.

But if you multiply by less than one, you end up with less than you started with! In other words, every dollar the government is pumping into the economy is ending up in the banks and going nowhere! It is not increasing the money supply, it is not multiplying, it is not creating inflation. It is going to boost the balance sheets of the banks. LINK *

Exactly what I do. Just remember don’t get in the business of telling a bank the work was done “correctly”. Do that your getting yourself into hot water. I would simply ask for proof that a licensed contractor was there what ever the trade may be inspect to make sure the defect functioned correctly and that’s it. I would send in the receipts with my letter to the bank.

How much do you charge for your return?

yes I have been asked twice now. I will do it for a fee and I will NOT OK any repair that a City Permit and a City Inspection was required for. What I find out that is a licensed contractor did not do the work nor pull a permit.

I tell the guy to provide the bank with the quote and invoice from the contractor who did the work. Nuff said!

I got a call, today, from a guy who is buying a condo and the appraiser saw, what appeared to be, about 1/2 SF of “mold” at the baseboard of a closet.

He wanted me to “inspect” it and take a sample and turn around the report (mine and the lab’s) today.

  1. I told him that the turn around is 2 days (Pro-lab).
  2. That the EPA protocol says that if the “mold” is visable, there is no need to sample (the remediation is the same, regardless of the genus of the mold).
  3. WTF is an appraiser calling our mold, especially without a sample, run through an accredieted lab. Even I don’t call it mold, the lab does.
  4. What the heck is a morgauge provider doing requireing this type of work, based upon their uninformed “policy” determinations.

Hope this helps, but it probably won’t :wink: