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Perspective Condition Summary
Survey Report: Limited Visual Assessment

The Certified Pre-Owned Foreclosure program was developed for foreclosed homes and distressed properties. Its objective is to enhance the sales process by providing additional peace of mind to prospective home owners, through a professional inspection and disclosure report. The objective is also the maintain and enhance neighbor hood values by reducing unscrupulous claims through contract negotiations on condition components that are not correct.

For foreclosed homes to be approved as a foreclosed home on this application and listed accordingly, it must have been inspected with a complete disclosure of all conditions noted under the limited visual assessment.

The limited visual assessment is broken down by elements of the home as follows: Structure, Exteriors, Roofing, Plumbing, Electrical, Heating, Systems and Appliances and Interiors.

The key to this program is that it provides the peace on mind first time or nervous buyers have with looking or considering foreclosed homes. This is critical is the sales process.

Statistics have shown that it is much easier to sell a pre-inspected home. Certified Pre-Owned Foreclosure for you, means less headache and expense for everyone involved in the transaction. Have your listings inspected and rated today!

To review an example of a Limited Visual Assessment or perspective inspection summary, Click Here to register.

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.
For a home to meet the requirements of Certified Pre-Owned Foreclosure, it must pass the CPOF rating system with a score of 70% or higher. IF A HOME DOES NOT MEET THIS SCORE, IT CAN STILL BECOME CERTIFIED PRE-OWNED BY MEETING ONE OR MORE OF THE FOLLOWING CONDITIONS:

a. The seller of the home can obtain competitive bids for the issue(s) found and either fix the issue(s).

For example, if a roof covering has little remaining functional life, the seller can choose what to do about it, instead of waiting for the buyer to make it a contingency and an expensive one at that. Here, the seller is going to choose to get three bids from contractors (which are not inflated) and have the roof repaired prior to closing (or possibly prior to putting the home on the market).

b. The seller of the home can merely sell the home “as is” without doing any work, but the buyer is fully disclosed of the condition prior to contract.

For example, take the roof above. The seller can choose to simply adjust their asking price accordingly, and disclose that the home is in need of a new roof, but that it is for sale “as is.” If a contract is signed under these circumstances, the issue cannot become a contingency AFTER THE FACT.

c. The seller can set aside funds in escrow to meet the cost of upgrading the issue in question.

In this case, the seller would get three competitive bids from contractors (uninflated) and take the average of those bids as the amount of money they are willing to escrow to the new buyer at closing. This is disclosed up front as always, so the buyer understands what they can expect from the seller.

d. The seller of the home can opt in addition to “a”, “b” or “c” above to place a home warranty on the home and its systems and appliances. Home warranties are important where the appliances present are aging.

All homeowners and possible inspectors are required to comment on the homes below the acceptable rating as a condition of acceptance under the CPOF program. Please make sure you review these comments accordingly.
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