What is a mortgage property inspector?

A mortgage inspection is an examination of a property to look for damage and other information, like whether a building is occupied or vacant. Banks often hire local field inspectors to assess a property before giving a loan to homeowners to ensure that the collateral (the house or apartment) is a good investment.

What does a mortgage field inspector do?

A field inspector examines properties and sends written and photographic reports to lenders, insurance companies and other interested parties. Inspectors could see whether anyone is occupying a property, assess damage, evaluate the property for a potential mortgage or check its condition after a foreclosure.

Why would a mortgage company do a property inspection?

Home inspections are done during a house purchase; property inspections are done when a homeowner defaults on the mortgage or is in foreclosure. If you default on your mortgage payments, your servicer may order monthly property inspections to ensure that its interest in the property is protected.

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What is the purpose of a property inspection?

Home inspections provide an opportunity for a buyer to identify any major issues with a home before closing. Your first clue that a home inspection is important is that it can be used as a contingency in your contract with the seller.

Do Home Inspectors make good money?

Home Inspector Salary Information To balance out the risks involved, home inspectors earn an average salary of anywhere between $50,000 and $64,000 per year with benefits for home inspectors employed privately or by the government including medical or health insurance, paid annual leave and a retirement plan.

How do you become a field inspector?

  1. High school diploma or GED certificate.
  2. Field inspection, insurance inspection, or property inspection experience (preferred)
  3. Relevant classroom or online training (preferred)
  4. Computer and photography skills.
  5. Keen attention to detail and analytical skills.

Why would a mortgage company verify occupancy?

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.

Why would a mortgage company sent someone to take pictures of my house?

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 is the mortgage company taking pictures of my house?

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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 are the biggest red flags in a home inspection?

Potential red flags that can arise during a property home inspection include evidence of water damage, structural defects, problems with the plumbing or electrical systems, as well as mold and pest infestations. The presence of one or more of these issues could be a dealbreaker for some buyers.

What fixes are mandatory after a home inspection?

  1. Mold or water damage.
  2. Pest or wildlife infestation.
  3. Fire or electrical hazards.
  4. Toxic or chemical hazards.
  5. Major structural hazards or building code violations.
  6. Trip hazards.

What is the home inspection process?

The home inspection process is a non-invasive visual examination of a house that identifies defects in its systems and components, which include plumbing, roofing, foundation, HVAC, interior and exterior of the home, and the electrical system.

Is a home inspector a good career?

Home inspection is a great career choice for so many reasons including high-income potential, a stable industry, flexible schedules, and the ability to work for yourself.

Are home inspectors in demand?

Job Outlook Employment of construction and building inspectors is projected to grow 3 percent from 2019 to 2029, about as fast as the average for all occupations. Public interest in safety and the desire to improve the quality of construction should continue to create demand for inspectors.

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How do home inspectors find work?

  1. Get a license.
  2. Become a member of a home inspectors association (see Resources).
  3. Diversify your business.
  4. Contact local real estate agents and lenders.
  5. Sing up at online home inspector sites.
  6. Advertise in local newspapers and the Yellow Pages.

Can you make money as a field inspector?

Average Salary for a Field Inspector Field Inspectors in America make an average salary of $60,220 per year or $29 per hour.

What is an occupancy inspector?

Occupancy inspection services identify the occupant of a property. … Occupancy inspections are designed to meet lender and requested government requirements and are fully customizable. Our occupancy inspection services include: Photos and a description of the property.

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