Property inspections are utilized by agents in various sectors, including mortgage lending, state and municipal government, insurance and construction. These inspections are customarily conducted to assess the condition of a given piece of property after a homeowner has defaulted on a mortgage. Property inspections cover several areas, including possible vandalism or theft, storm damage, or general neglect resulting from extended periods of vacancy.
City and state inspections focus on habitability of the property. Construction inspections relate to adherence to codes in plumbing, electrical wiring and fire safety. Bank inspections such as appraisals and environmental site assessments target the potential listing price and mortgage for a home while insurance inspections assess the future liability risks of a particular property.
Regardless of the origin of a request for a property inspection, there are three reports that should always be included: Damage Verification Reports, Market Analysis and Condition (MAC) Reports, and Property Assessment Collateral Evaluation (PACE) Reports.
Property Inspections Versus Home Inspections
Property inspections are sometimes confused with home inspections. While the two terms may seem similar, the two types of inspections serve very different purposes. It’s important to recognize the distinction between property inspections and home inspections.
Unlike property inspections, home inspections are ordered by prospective buyers. These inspections are conducted in conjunction with an offer to purchase a property, and include an assessment of HVAC systems, wiring, plumbing and possible faults in walls, ceilings, floors, or foundation.
Prospective buyers customarily order general home inspections. However, they may also request specific inspections to detect radon, termite infestation, or environmental contaminants such as asbestos or lead-based paint if a home inspection turns up problems. Inspections can also determine whether there are permits attached to the property or disclose possible outstanding tax obligations or easements that may interfere with the sale of a property.
Assessing Exterior Damage with Damage Verification Reports
Damage Verification Reports discuss damage to the exterior of a home and surrounding property. Reports consist of both written descriptions and damage. These reports are especially beneficial in mortgage lending in that they help determine the proper mortgage amount to approve. Damage verification reports are also an essential element in government assessments and in appraisals of factors such as moisture intrusion, vandalism, or damage from severe weather that could adversely affect property value.
Real Time Lending Decisions with Market Analysis and Condition Reports
Applying for a mortgage used to involve stacks of paperwork and weeks of waiting for a decision. Today, lenders who demand such as tedious process risk losing out to lenders who are able to offer decisions in real time. Market Analysis and Condition (MAC) reports, accessed in conjunction with Automated Valuation Model (AVM) reports combine professional expertise with 21st century technology to facilitate the assessment process. This combination facilitates the evaluation process, allowing mortgage lenders to make decisions in an expedient manner without sacrificing due diligence.
Property Assessment Collateral Evaluation Reports Keep PACE with Volatile Markets
Property Assessment Collateral Evaluation (PACE) Reports combine digital information with the expertise of a professional to provide an accurate assessment of a property’s current value. DataTree offers three levels of PACE reports to accommodate for up-to-date current collateral evaluation data at varying levels of detail:
PACE Reports combine an opinion from a field expert with digital market information. These two elements are reconciled by a certified or licensed appraiser. PACE reports also include the names of the field agent and appraiser along with the effective completion date.
PACE Pro Reports provide enhanced expertise input by combining digital market information with a property inspection and a valuation option by a licensed real estate agent or broker. Final value reconciliation is prepared by a certified or licensed appraiser. As with PACE Reports, PACE Pro reports include the names of the field agent and appraiser as well as the effective completion date.
PACE Elite Reports provide the ultimate level of expertise and detail, combining a property inspection with a value opinion completed by a certified or licensed appraiser. PACE Elite reports also include details about the specified property and the condition of the surrounding neighborhood. PACE Elite reports also include the name of the certified or licensed appraiser and the effective completion date.
Efficiency and Accuracy in Real Time with Property Inspections
Property inspections represent an essential element of today’s real estate market. Professionally fulfilled Damage Verification Reports, MAC Reports and PACE reports provide an efficient means to obtain data with verified accuracy. Property inspections can also disclose issues which might otherwise have gone unnoticed. Order a Property Inspections Report Sample from DataTree today and see the advantage of property inspections reports for yourself.
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Description: There are three reports that should always be included in a request for a property inspection — Damage Verification, MAC, and PACE Reports.