We at TrendSource have been talking a lot about Property Condition Inspections lately, emphasizing the ways they help banks and other lending institutions lower the cost of their appraisal operations. It makes sense from an efficiency and accuracy perspective and TrendSource has long helped desktop appraisal operations with reliable Property Condition Inspections.
Because TrendSource strives to give lending institutions exactly what they need from a Property Condition Inspection, we have created seven different scopes to address different needs. Banks and appraisers should be able to find exactly what they are looking for in each Inspection, nothing more and nothing less, from these scopes.
Let’s outline each scope and what is entailed.
Scope A: Covert drive-by only, exterior photos from street
Scope A Property Condition Inspections include the standard worksheet as well basic photos of the structure, including the address, signage, front, environmental, parking lot, and street view. These Inspections check for all red flags and if anything requires further Inspection, the client is alerted before escalation.
Scope B: Exterior without square foot measurement
Scope B Property Condition Inspections include photos of all sides of the structure, as well as street view photos, sketch, and worksheet. They are used when no building square footage conflicts exist for orientation of structure on parcel. These Inspections ensure that property measurements are in line with public records, and in cases they are not, the Inspection escalates to Scope C to resolve the conflict.
Scope C: Exterior with square foot measurement
Scope C Property Condition Reports, as described above, are used when a conflict of building square footage needs to be resolved against existing public records. They include photos of the structure, street view photos, sketch with exterior measurements, and worksheet.
Scope D: Interior Inspection without square foot measurement
Scope D Property Condition Inspections are used when substantial upgraded, or interior improvements are claimed. Clients need to ensure that the improvements described have actually been implemented. They include photos of the structure, street view photos, interior photos, sketches with exterior measurements, and worksheets; they include a current exterior inspection with measurements to confirm the accuracy of square footage estimates on loan documents.
Scope E: Interior Inspection with square foot measurement
Scope E Property Condition Reports are typically used in leased investments to verify the addition of building square footage to a property. They include photos of the structure, street view photos, interior photos, sketch with exterior and interior measurements, and worksheet.
Scope F: Interior Inspection without any measurements
Scope F Property Condition Inspections are nearly identical to Scope D Property Condition Inspections, except these do not include exterior measurements. They include photos of the structure, street view photos, interior photos, and worksheet.
Scope G: Interior and Exterior photos with interior measurements
Scope G Property Condition Reports are used for condominiums and executive suites. They include photos of the structure, street view photos, interior photos of the unit, sketches with interior measurements, and worksheet.
How TrendSource Does Property Condition Reports
TrendSource has over a decade experience as a premiere provider of Property Condition Inspections to help lending institutions find efficiencies in their appraisal operations. TrendSource relies on its vast, closed, and proprietary network of Independent Inspectors with experience assisting appraisers with their field work.
TrendSource Property Condition Inspections are an important part of our compliance products for financial institutions. Learn more about Property Condition Reports.