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The Following is an overview of the CPOF Inspection Package choices
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A certified Pre Owned Foreclosure is a foreclosed home that has been professionally inspected and reported on by an approved Certified Pre Owned Foreclosure inspector.
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Each CPOF will be registered as one of the following types. During registration, the agent, seller or inspector is asked to select which package choice they would like. Each package offers different levels of inspections and disclosure. The average prices listed are for homes under 2,000sf and less than 10 years old.
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SILVER
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The Silver CPOF Package includes a, Limited Visual Assessment that is either “Exterior only or a full LVA, covering the Exterior, Structure, Roof, Electrical System, Plumbing System, HVAC and the various systems and appliances. This package offers investors and prospective buyers the benefits of having the foreclosed homes Certified Pre-Owned at a more reasonable price. A typical cost for a 2000 SF home is approximately $200 - $250. All inspection reports are available on line for either free download or on a pay per report basis. |
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Survey Reports
Under the program, we have two inspection reports, Exterior Only Visual Inspection” and the Limited Visual Assessment”
Exterior Only Visual Assessment Survey
Where difficulty arises as far as accessing properties, our inspectors make every attempt to determine the exterior condition of every home in on our system.
By far this is a critical part of any inspection, as any breach in the exterior envelope can have disastrous consequences on the interior condition of every home we review. Moisture intrusion, leakage, presence of faulty of class action lawsuit siding, poor stucco/plaster practices, synthetic stucco failures, roof age and condition, leakage, flashings etc. all can have a huge effect on the performance of the home in question.
Our inspection report will catalog all of these components and their respective condition, which will be backed up with pictures for your ease of understanding.
The exterior only visual assessment survey includes an assessment of:
1. The exterior roof
2. The exterior façade and structure
3. Street views in all directions (minimum two pictures)
These inspection reports are less expensive the full visual assessment.
Click Here to register for free.
Limited Visual Assessment Survey
The Limited Visual Assessment Survey includes an limited analysis of the interior and exterior of the home in question. It includes an assessment of:
1. The roof
2. The exterior and structure
3. Electrical
4. Plumbing
5. HVAC system
6. Interior and Appliances
7. Street views in all directions. (Minimum two pictures)
Report is a professional report generated automatically from the data entered. A sample of the inspection report can be viewed when you log into the system. Registration is free. While the limited visual assessment is NOT a full home inspection report, it does go a long way to help minimize investment risks and inflated estimates for lenders and investors reduce time for investors, and much more.
The Certified Pre-Owned Foreclosure / Foreclosure Rating Survey report, “The Limited Visual Assessment” was developed for existing resale homes. The rating system is based on anticipated upcoming maintenance costs and remaining years of life for the various elements and components.
Just because your listing or investment is old does not mean that it will not pass the rating scale. There is no pass / fail on foreclosure inspections. You get the rating and the condition up front so you can make a wiser decision as far as your investment. For example, if a new roof is needed based on the data collected and input on the system, you will be notified on the rating and completed report. The bank or seller therefore has a choice at this stage if you proceed with the foreclosure purchase: They can replace the roof, escrow funds for the replacement at closing or take that into consideration when negotiating a purchase price. The key is, you are in control.
Eliminating your risk and taking control of the transaction is the key to a solid investment. Almost every investor has a home inspection conducted after the contract but with so many properties on your list and multiple offers on the table, you can waste thousands of dollars on home inspections because of what they find. This application helps you eliminate the possibility of wasteful inspections on homes that may be too poorly maintained and have too much risk. It is also important to know that this inspection does not take the place of a conventional home inspection. A home inspection is much more involved.
For an example of our Foreclosure Rating, “limited Visual Assessment” survey report you must log into our system. Click Here to register for free.
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GOLD
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The Gold CPOF Package includes a FULL home inspection covering all the systems and components of the home in addition to the Limited Visual Assessment. This package is reasonably priced and offers sellers complete knowledge of their home’s condition. All inspection reports are available on line for either free download or on a pay per report basis. |
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PLATINUM
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The Platinum CPOF Package includes a FULL home inspection covering all the systems and components of the home AND a WDO/WDI inspection. This package is the best value for lenders, prospective buyers and investors, as it provides the most comprehensive disclosure. All inspection reports are available on line for either free download or on a pay per report basis. |
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Introductory DEMO Package
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The CPOF Introductory DEMO Package will provide you with EVERYTHING you need to set up and market the CPOF program successfully in your area. This package serves as your sample to carry with you on presentations, leave in your office to show clients who come in, etc. You only need to purchase the Introductory DEMO Package one time. Included in the package is:
• CPOF Buyer's Binder - This binder has 11 tabs and is used by your seller. In this binder they can put any disclosure documentation they wish including sample electric bills, insurance information, and more.
• CPOF Sign Rider - The sign rider is 6" x 24" made of corrugated plastic and fits on top of the agent's For Sale sign. This sign generates interest from the road and sets your seller's home apart from the other 10 for sale on the same street.
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• CPOF Presentation Folder - Used to pass on to your agent to market the program to their sellers, this folder is full-color and has slits for your company business card. This folder provides a more professional approach to presenting the program.
• CPOF 4-Page Flyer - This flyer, inserted into the Presentation Folder describes the program in-depth and its available packages. This flyer is geared toward advertising to the agents and sellers. It also contains Frequently Asked Questions.
• CPOF Marketing Postcard - The postcard describes the benefits of having a home Certified Pre-Owned and is mailable. Inspectors or agents can mail these to their clients.
• CPOF Seller's Door Hanger
• CPOF Marketing Door Hanger
• CPOF Table Tent
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CPOF Package
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The CPOF Listing Package is purchased with each inspection you conduct through the program. This package can be purchased as you schedule a CPOF inspection or pre-ordered. This package is what is given to EVERY agent/seller putting their home/listing through the program after you complete your inspection and put the home through the rating system. Once a home passes, it can then be marketed as a Certified Pre-Owned Foreclosure EVERYWHERE the agent advertises!
This package includes the CPOF Sign Rider, CPOF Buyer’s Binder, CPOF Presentation Folder, one 120-Day Warranty, the Home Inspection Guide booklet, one credit in your inspector account to rate a listing, a 6-month advertisement online and FREE leads to the agent/inspector/seller every time someone downloads information from the listing online!
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Listing Packages are purchased for EACH home you wish to put through the program. Most inspectors build this fee into the price of their inspection package for these types of inspections. 10 Listing Packages can be purchased for $950. If purchased individually, these packages are $200 each. Save $1,050 when you purchase in quantities of 10.
This package includes the following:
• 6-Month Listing on www.CertifiedPreOwnedForeclosure.com The home is listed on www.CertifiedPreOwnedForeclosure.com for 6 months or until sold. It will appear as a Certified Pre-Owned Foreclosure and potential buyers will be able to view reports, bids etc. upon registration.
• 1 Home Rating
• 1 CPOF Buyer's Binder - This binder has 11 tabs and is used by your seller. In this binder they can put any disclosure documentation they wish including sample electric bills, insurance information, and more.
• 1 CPOF Sign Rider- The sign rider is 6" x 24" made of corrugated plastic and fits on top of the agent's For Sale sign. This sign generates interest from the road and sets your seller's home apart from the other 10 for sale on the same street.
• 1 CPOF Presentation Folder- Used to pass on to your agent to market the program to their sellers, this folder is full-color and has slits for your company business card. This folder provides a more professional approach to presenting the program.
• 1 CPOF 4-Page Flyer- This flyer, inserted into the Presentation Folder describes the program in-depth and its available packages. This flyer is geared toward advertising to the agents and sellers. It also contains Frequently Asked Questions.
• 1 CPOF Marketing Postcard- The postcard describes the benefits of having a home Certified Pre-Owned and is mailable. Inspectors or agents can mail these to their clients.
• 120-Day Seller's Warranty- The warranty covers items inspected in the home and provides sellers with protection should the items you inspect break down over the course of their listing period.
• 1 Seller's Door Hanger- One of these door hangers is included in every Listing Package. This version of the door hanger is used on homes that have been put through the CPOF program. It goes on the doorknob of a CPOF home so that buyers walking in see it. It has a welcome letter and brief description of the program and what the home they are about to enter has gone through to make it Certified Pre-Owned.
• 1 CPOF Leave Behind Table Tent Card- These table tents are designed to be left behind at every inspection on the counter/table or other area where your Buyer’s Binder and Summaries are left. One is included in every CPOF Listing and Introductory Package. We have designed them so that you can add your business card on one side, further branding your company.
• 10 Marketing Door Hangers- Use these door hangers to pass out to sellers who can benefit from the program.
• UNLIMITED FREE Agent Leads- All agents connected to the listings receive immediate notification when their listing is viewed. Buyers must register with their contact information to view in-depth documents about the listing. This contact information is sent to the agent so they can show the buyer the listing, show them another etc. There is also a Lead Report in which the agent can view all leads when they log in.
• Customer Manager- The agent and inspector each have Customer Managers whereby they can edit listings, contact each other etc.
• Unlimited Digital Postcards- When a listing becomes Certified Pre-Owned, postcards are automatically generated in every area of the technology for emailing, printing and sending, etc. Agents can email their postcards to colleagues advertising their latest listing as Certified Pre-Owned, inspectors can email their card to the network advertising the CPOF service and their latest inspection and more.
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Buyer's Binder
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The CPOF Buyer's Binder can be purchased as a sample to pass to your network of real estate agents, mortgage brokers, etc. This binder is used under the program to help the seller disclose additional information to potential buyers and organizes them with the information they need to assemble as part of the program. The binder should be left on the countertop next to the Inspection Summaries, for potential buyers to peruse while looking at the house. The binder states on the spine that it is to be left in the house so that buyers do not take it away as they leave. The seller is welcome to put any additional information into the binder they wish, and the binder is passed to the new buyer at closing to continue to keep all their documents in one place.
This binder is included with each listing package.
It has 11 sections which CPOF feels important for sellers to fill with the appropriate documents for complete disclosure to buyers. |
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• Real Estate Documents -This section is to be used for the contract, what the seller is willing to accept and other seller contingencies.
• Home Inspection Reports - This section can be used to put the full inspection reports for viewing.
• Miscellaneous Inspection Reports - This section should be used for any other reports for inspections the seller has had such as WDO/WDI/Termite Reports, Indoor Air Quality Reports, Energy Star Reports, etc.
• Disclosure Documents - In this section, the seller can add past repair history receipts or documentation, contractor bids for repairs needed on the home, etc.
• Appraisal and Survey Documents- Should the seller wish, they can include the appraisal and/or survey documentation under this tab.
• Warranty Information- As part of the program, it is encouraged that the agent or seller offer a home warranty with the purchase of the home. This tab would house that documentation and certificate.
• Insurance Documents- If the seller or agent wish, they can include copies of their insurance policies or sample quotes for homeowner's insurance on the property.
• Energy Consumption- In this section, sellers can include past water and electricity bills to give the potential buyer an idea of their monthly expenditures in this area.
• Mortgage Information- If the seller or agent wish, they can get several quotes from mortgage companies or include their own mortgage payments on the property. This may help the potential buyer determine if they truly can afford the property, eliminating future headaches for you in the transaction.
• Miscellaneous Information- Any additional items the seller would like to include can be placed here.
• Glossary- This section includes a 150-page glossary of defects commonly found in homes. This glossary can be used to better understand the terms on the inspection reports.
This binder is given to the buyer of the home at closing to continue to fill with important documents so everything is in one easy-to-find place.
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Presentation Folder
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The CPOF Presentation Folder is part of the Listing Package and are full-color 9"x12" folders with business card slits. The folders allow you to professionally present the program to your agents, who can pass this folder to their sellers. The folder includes one postcard, outlining the benefits of using the Certified Pre-Owned Foreclosure™ program and a full-color, 4-page flyer describing the program and available packages. Don't forget to add your own brochure and or company information so that they will be reminded to give you a call for their standard home inspections as well!
This package of 50 folders (with postcards and flyers) is great for large presentations so each agent leaving has one. One always comes with your Listing Package and Introductory package purchases, but for inspectors wishing to present to multiple offices, this package is ideal.
The postcards and flyers can also be purchased individually if needed.
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Sign Rider
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The CPOF Sign Riders are part of the Listing Packages and are 2-color, corrugated plastic 6" x 24" signs. The sign rider should be used on every inspection. This is the way the you separate your agent's listing from the other 12 for sale on the block. Imagine, a buyer driving with their agent down the street to tour a home, they see the Certified Pre-Owned Foreclosure sign and wonder what it is and why the home they are touring is not. What will this create? More traffic for the CPOF home!
In our focus groups, we've asked sellers two questions:
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Question 1: If they visited two homes one was a CPOF, the other was not, but both matched their requirements, on which house would they make an offer? The answer was unanimous in every group: "The Certified Pre-Owned Foreclosure."
Question 2: Of the two homes mentioned above, if they liked the home that was not a CPOF more, what would they do. Almost unanimously the response was: "I would go back and renegotiate with the seller of the unrated home to make it a Certified Pre-Owned Foreclosure."
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