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Old 02.10.2014, 09:52
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Bank wants to visit our apartment 18 months after purchase

We bought our place January 2013 and were easily given a mortgage (it wasn't expensive by Swiss standards and we didn't have to dip into our 2e pilier). We'd heard that the bank might want to visit the place before making a decision but they never asked to. Now, 18 months later, we just got an email, then a letter, asking if they could come visit to take pictures and make a report.

Is that normal? Has anyone else ever experienced this? We've been making all of our payments on time and have not attempted to make any changes to the mortgage. It's a 10-year fixed rate.

Thanks!
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Old 02.10.2014, 09:54
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Re: Bank wants to visit our apartment 18 months after purchase

What's the problem?

Tom
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Old 02.10.2014, 09:54
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Re: Bank wants to visit our apartment 18 months after purchase

An internal bank report may have suggested that the overall property market has dipped substantially in the area.

They may believe you bought at the very top of the market and the property value is inflated.

They may want to evaluate it and decide whether that is really the case.

They may then want you to increase your equity stake in the property.

NOTE: Lots of "may"
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Old 02.10.2014, 10:02
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Re: Bank wants to visit our apartment 18 months after purchase

There may not be a problem. We would just like an idea of what their motive might be as we don't have a clue. We like to be informed.

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What's the problem?

Tom
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Old 02.10.2014, 10:05
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Re: Bank wants to visit our apartment 18 months after purchase

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An internal bank report may have suggested that the overall property market has dipped substantially in the area.

They may believe you bought at the very top of the market and the property value is inflated.

They may want to evaluate it and decide whether that is really the case.

They may then want you to increase your equity stake in the property.

NOTE: Lots of "may"


This happened to lots of folks in the early 90s when property values crashed.
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Old 02.10.2014, 10:09
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Re: Bank wants to visit our apartment 18 months after purchase

Ok, thanks. What makes you say so? Just the current market trends or do you know someone who experienced this?


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An internal bank report may have suggested that the overall property market has dipped substantially in the area.

They may believe you bought at the very top of the market and the property value is inflated.

They may want to evaluate it and decide whether that is really the case.

They may then want you to increase your equity stake in the property.

NOTE: Lots of "may"
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Old 02.10.2014, 10:11
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Re: Bank wants to visit our apartment 18 months after purchase

give them some folders, pens, highlighters, apples, cookies, maps, yellow pages book (with numbers circled they might be interested in ringing), cut out bits of newspaper, a huge thesaurus just to make them feel uncomfortable so they leave
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Old 02.10.2014, 10:19
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Re: Bank wants to visit our apartment 18 months after purchase

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Ok, thanks. What makes you say so? Just the current market trends or do you know someone who experienced this?
1) Banks produce internal (and external) real estate reviews
2) Banks produce reports which include the market values for their assets - and have to have certain margins set aside based on predicted rates of default.
3) Banks will ensure they are not overly exposed in a property market which may be on the downturn.
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Old 02.10.2014, 10:27
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Re: Bank wants to visit our apartment 18 months after purchase

Alright folks, thanks for your advice and for getting us thinking. We do of course realize that the market is not in great shape right now, but we're pretty insignificant in the grand scheme of things: our place was very inexpensive for the area (we're near Lausanne) we put in the full 20% and didn't touch our 2e piliers. If the market is tanking and they need more equity, I'm pretty sure they'd have bigger fish to fry (like my boss, who went for the big house and emptied his 2e pilier for a 10% downpayment). We'll see how it goes.
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Old 02.10.2014, 10:28
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Re: Bank wants to visit our apartment 18 months after purchase

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We bought our place January 2013 and were easily given a mortgage (it wasn't expensive by Swiss standards and we didn't have to dip into our 2e pilier). We'd heard that the bank might want to visit the place before making a decision but they never asked to. Now, 18 months later, we just got an email, then a letter, asking if they could come visit to take pictures and make a report.

Is that normal? Has anyone else ever experienced this? We've been making all of our payments on time and have not attempted to make any changes to the mortgage. It's a 10-year fixed rate.

Thanks!
Have you tried asking them for a reason?
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Old 02.10.2014, 10:30
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Re: Bank wants to visit our apartment 18 months after purchase

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Have you tried asking them for a reason?
maybe they are just being nosey :P
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Old 02.10.2014, 10:32
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Re: Bank wants to visit our apartment 18 months after purchase

they looked at your last bank statement and wondered what you spent 3478chf on at magicx
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Old 02.10.2014, 10:39
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Re: Bank wants to visit our apartment 18 months after purchase

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they looked at your last bank statement and wondered what you spent 3478chf on at magicx
http://www.amazon.com/Passion-Natura.../dp/B005MR3IVO - 3478CHF looks about right for buying in Switzerland.
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Old 02.10.2014, 10:40
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Re: Bank wants to visit our apartment 18 months after purchase

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http://www.amazon.com/Passion-Natura.../dp/B005MR3IVO - 3478CHF looks about right for buying in Switzerland.

you found that rather too quickly, almost like it's on your wish list??
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Old 02.10.2014, 10:43
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Re: Bank wants to visit our apartment 18 months after purchase

Didn't you buy brand new Ferrari or Maserati lately and they are worried if you can still afford to repay your house bond?
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Old 02.10.2014, 11:15
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Re: Bank wants to visit our apartment 18 months after purchase

This is normal - happened to us (credit suisse) and we had borrowed not even 40% of the estimated value. Ours was a new build however so I sort of imagined that they wanted to check that all the specs had been built out as indicated in the builders staged completion certificates. She came round, had a coffee and a quite brief look. In the end it seemed more of a courtesy visit. She said they often visit properties after purchase and its not just new builds. I found it useful because I took advantage of our advisor being there to do some housekeeping with our accounts.

It did not happen with our previous house (mortgage with cantonal bank) though so its by no means universal.
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Old 02.10.2014, 11:25
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Re: Bank wants to visit our apartment 18 months after purchase

Our bank guy came and took photos (from the outside) on his way to our meeting last month to discuss the mortgage.

He also asked that we send some photos of the inside (we are purchasing the apartment we live in).

Tom
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Old 02.10.2014, 11:36
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Re: Bank wants to visit our apartment 18 months after purchase

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This is normal - happened to us (credit suisse) and we had borrowed not even 40% of the estimated value. Ours was a new build however so I sort of imagined that they wanted to check that all the specs had been built out as indicated in the builders staged completion certificates. She came round, had a coffee and a quite brief look. In the end it seemed more of a courtesy visit. She said they often visit properties after purchase and its not just new builds. I found it useful because I took advantage of our advisor being there to do some housekeeping with our accounts.

It did not happen with our previous house (mortgage with cantonal bank) though so its by no means universal.
Same as for us. Also with Credit Suisse. The guy didn't go any further than the dining table where he sat and drank his coffee. He asked if we could email him a couple of photos of the house for their files and that was it basically.
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Old 02.10.2014, 14:27
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Re: Bank wants to visit our apartment 18 months after purchase

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There may not be a problem. We would just like an idea of what their motive might be as we don't have a clue. We like to be informed.
Ask them maybe ?
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Old 02.10.2014, 14:35
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Re: Bank wants to visit our apartment 18 months after purchase

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http://www.amazon.com/Passion-Natura.../dp/B005MR3IVO - 3478CHF looks about right for buying in Switzerland.
People that bought that also looked at this...

http://www.amazon.com/Disaster-Bag-B...YXP5DDE392FZ20
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