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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 2,000 sf and less than 10 years old.
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SILVER
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The Silver CPOF Package includes a, Limited Visual Assessment Survey Report 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 online 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 Survey Report"
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 then the full visual assessment.
Click Here to register for free.
Limited Visual Assessment Survey Report
The Limited Visual Assessment Survey Report 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 survey report 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 Survey Report” 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 Survey Report. This package is reasonably priced and offers sellers complete knowledge of their home’s condition. All inspection reports are available online 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 online for either free download or on a pay per report basis. |
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Building Inspection Types
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Many inspectors, based on their experience and capability will conduct many different
inspection types from commercial inspections to expert witness testimony. Listed
below are some of the most common types of inspections typically offered by professional
building inspectors.
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Standard Home Inspection
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This involves the inspection of existing homes for resale or maintenance planning
purposes. All home inspector associations were established to address the requirements
of this type of inspection. These inspections can be conducted for the seller under
a seller’s disclosure inspection or for the new homeowner/investor under a buyer’s
inspection and relate to condominium/single family home inspections and small multi-family
investment buildings.
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New Construction - Residential Inspections
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This type involves the inspection of new homes under construction, at the end of
construction or at the end of the one-year builder’s warranty after the homeowner
has occupied the home. With this type of inspection, choosing a home inspector that
has experience of the codes or construction is critical. Many inspectors offer cosmetic
walkthroughs or inspections which are of little value to any potential new homeowner. |
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While these inspections will improve quality and hold builders to a higher standard,
they will also add both time and expense to the building team. Your decision to
conduct such an inspection may be met with resistance by some builders, however,
most of the professional builders welcome an additional level of quality control
and see it as a way of limiting their liability for hidden/unexpected surprises.
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Remodeling Inspection
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Are you spending a lot of money remodeling, adding on to or conducting remediation
repairs to your home without proper representation? How do you know if the quality
is acceptable or not? Are you relying on the building contractor or remediation
company to oversee their own work? A professional inspector qualified in building
construction can ensure that works in progress are conducted in the manner and quality
needed for your peace of mind. |
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Commercial Inspection
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Most inspectors are not qualified to conduct commercial inspections and as such,
will not offer advice or quotes on such inspections. When choosing an inspector
for these buildings, confirm their past experience with commercial construction
or consultancy. Licensed contractors and engineers are more qualified than any of
the home inspection qualifications. Make sure that you receive a written proposal
with regard to this inspection type as there are no set guidelines or code of ethics
for commercial inspectors to follow.
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New construction - Commercial Inspection
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The code requirements for public health and safety on commercial construction are
much different than those for residential new construction. If you are building
a commercial building without client representation, you can be exposed to potentially
huge issues. Choosing an inspector with commercial construction experience is crucial.
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Condo Association Inspection
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Experience has shown that many condominium associations have suffered at the hands
of incompetent contractors and/or mismanagement of funds for construction repairs.
The lack of quality control has resulted in monies being consistently spent on short-term
repairs or sub- standard work. Are you losing control of the condo association fees?
Are you making sure that repairs are being conducted correctly and completely? Having
an owner's representative qualify repairs or outline the exact condition of each
building or issue is far cheaper than uncontrolled and wasteful spending.
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Mold Screening Inspection / Pre-Sampling Mold Inspection
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These are baseline mold inspection evaluations designed to minimize the risk of
mold contamination in your new home or building. They are typically based on visual
inspections only of the building in question and may or may not include testing.
The inspection will outline any visible areas of moisture or moisture related issues
throughout your home or building. Testing will be based on the date and time of
inspection only. Testing for moisture content and percentage of relative humidity
are normally conducted as part of this service. Consult each inspection company
for their respective procedures and policies.
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Infrared Inspection
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Infrared cameras detect variations in temperature and humidity without destructive
investigations. This is a relatively new area of inspection for most home inspectors.
The objective is to use infrared cameras to detect inner wall moisture or moisture
related issues. Interpretation of photograph results is critical. Based on the expense
of infrared cameras (In excess of $5,000-50,000), inspectors charge an additional
fee for this service if included with a standard home inspection.
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Storm Damage - Insurance Inspection
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Experience has shown that many homeowners have suffered storm damage, only to have
to pay for repairs themselves because it went unnoticed until the home or building
sold and a buyer’s inspection was conducted. Insurance adjustors are not motivated
to find every issue with regard to your insurance claim. Some may or may not enter
your attic, or spend the time necessary to conduct a detailed evaluation of your
issue. Having your home or building inspected by an independent inspector qualified
in building defects will give you the exact picture of your home or building to
present to your adjustor. Get what you deserve and make sure your home or building
is fixed correctly.
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Roof Inspection
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Roof replacement inspections, roof leakage inspections, infrared roof inspections,
etc. Roofing systems are one of the primary components protecting your home or building
from the elements. Having a roof inspection prior to making the final payment to
the contractor for maintenance or replacement repairs or to diagnose a roof issue
may mean the difference between a functional roof or incomplete/incorrect repairs
or replacements costing you thousands of dollars.
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Siding and Stucco Inspection
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Have you suffered as a result of incomplete siding or stucco applications? Do you
now have to spend thousands of dollars fixing these issues? Client representation
will help to eliminate these problems from reoccurring. This type of inspection
can be carried out at the end, or throughout the entire project.
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Expert Witness Inspection
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Are you experiencing problems with your new home or building? Have you spoken to
an attorney? Expert witness reports must stand up in court. Make sure your inspector
is qualified to conduct such a service.
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Wind Certification Inspection
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How will your home fare against a hurricane? Is your roof structure properly braced?
Are your walls properly anchored? Are your doors and windows impact resistant? Many
inspectors are offering these services to existing homeowners and using reports
to possibly reduce their ever- increasing homeowner's insurance costs. Know the
true facts about your new home.
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Insurance Inspection
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Insurance costs seem to be increasing more and more every year. Insurance requirements
are also getting more and more stringent. Many homes may not be insurable and many
others may need special insurance inspections before they get coverage. Most insurance
companies require inspections on the roof covering, electrical, HVAC and plumbing
systems for older homes. Some insurance companies require inspectors to be licensed
contractors or members of specific associations before they will accept the report.
Make sure your inspector is qualified to perform this type of inspection before
hiring them.
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