Certified Pre-Owned Foreclosure - The Faster Way to Sell Your Listings

Home Condition Rating

Inspection Depot, Inc. was the first company to develop a home condition rating system for real estate purposes a few years ago as part of their Certified Pre-Owned Listing™ Program. The Home Condition Rating System is based on data collected from various elements of the home: Structure, Exterior, Roofing, Plumbing, Electrical, Heating, Systems and Appliances and Interior.

Our goal was to provide some additional peace of mind for would-be home buyers, by rating each of the main elements of a home based on the home’s existing condition and age! The data collected is input into the application and the system does the rest. Our rating is based on life-cycle costing studies and condition.

We spent a considerable time reviewing studies completed on life-cycle costing for building components and building costs and how they all relate to the existing condition of a home. The end result was our “Limited Visual Assessment Survey Report”. The inspected elements mentioned above are assigned points and once the data is submitted, not only will you see the condition of the reported home but you will also see its rating for each section as well as an overall score.

Older roofs rate lower than newer roofs. Extensive maintenance costs rate lower than homes with little maintenance costs, excluding cosmetic maintenance of course.

With Certified Pre-Owned Foreclosure™, we want to put more control in your hands as a buyer, but also the bank’s hands as the asset owner.

From a foreclosure prospective this report really tells it all. Like most foreclosed homes, your potential home is no different, it is being sold “as-is“. If the “as-is” condition is not what you think it is, you may end up down a path that you cannot afford either as the bank or the buyer! With the CPOF program we forewarn you! You get to see the existing condition through the report provided and can negotiate accordingly.

The foreclosure rating report also gives the banks an idea of the condition of the home and can help with identifying preservation maintenance schedules. Banks do not want their homes rotting away because of a small issue, nor do they want to sell you a lemon. They definitely do not want it back in the foreclosure pool because the condition and cost to remedy ended up being so much that you, the buyer, could not afford it any more, or worse, the home ends up being unlivable condition because of latent or hidden defects.

More importantly, banks do not want to lose out on contracts being over-negotiated by unscrupulous investors because of inflated condition costs, something which is very common today. Click here for more information on “as is” contracts.

Statistics have shown that it is much easier to sell a pre-inspected home. Buyers are more confident and banks and sellers are more in control. Certified Pre-Owned Foreclosure™ will certainly help for you, but it will never eliminate a buyer’s full home inspection. Conditions change on a daily basis and while the Certified Pre-Owned Limited Visual Assessment Foreclosure Inspection is an excellent tool for negotiating and ascertaining an overview of the condition, it does not take the place of a full inspection.

Certified Pre-Owned Foreclosure - The Faster Way to Sell Your Listings

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