COMMON FIELD INSPECTION TYPES:
► Bankruptcy Inspection - A bankruptcy inspection is an objective visual analysis for determining the occupancy of a property where no contact is made with the mortgagor or property occupant. The inspection form typically asks you to provide a description of the property, how occupancy was determined and exterior photographs of the property. This type of field inspection takes a couple of minutes to complete.
► Broker's Price Opinion - A BPO provides the value of a property based on three comparable properties. Details about the condition of the property, neighborhood condition and significant property distinctions that may affect the marketability of the property is provided by you, along with exterior (and interior) photographs of the property. A BPO can only be completed by a licensed real estate broker, and takes about 30 minutes to complete.
► Compliance Inspection - A compliance inspection determines if the repairs required by state and local regulations have been made to a property in order for escrow funds to be released. Each inspection form will usually require you to provide a description of the property, repair percentage, photographs of the repairs, and takes about 20 minutes to complete.
► Condition Verification - A condition inspection is an objective visual analysis of a property to determine whether the property has sustained damage due to neglect or vandalism or liability hazards are present. A description of the property, any visible conditions or hazards, photographs of the property is usually required, and takes a few minutes to complete.
► Delinquency Interview - When the mortgagor of a property is behind in payments, the mortgage company may want to make direct contact with the mortgagor to find out the reason for the default. As the field inspector, you will be asked to contact the mortgagor to ask them a series of questions provided by the mortgage company. Sometimes the mortgage company will ask you to put the mortgagor on your mobile phone if the mortgagor is present, or leave a letter for them. Typically, there is an inspection form for you to complete along with photograph requirements, and the time to complete this inspection varies.
► Draw Inspection - A draw inspection is performed at various stages in a new construction project in order to assist the lender in releasing funds to the building contractor. Each inspection will require you to provide estimated percentages of completion along with related photographs of the work completed, and it takes about 15 minutes to complete.
► Environmental Inspection - An environmental inspection is a visual exterior inspection of a property to assess the overall property condition for environmental liabilities and hazards. Inspection forms usually require you to provide a description of the property, the presence of any environmental problems found, photographs of the property, and takes about 10 minutes to complete.
► Fannie Mae Inspection - For properties financed with Fannie Mae loans, certain requirements must be satisfied in order to comply with the inspection regulations of Fannie Mae. Each inspection usually requires a description of the property, photographs, and takes a few minutes to complete.
► FEMA Inspection - When there is a presidential declared disaster, an inspection is performed to determine whether the property has sustained visible damage due to the disaster. Each inspection usually requires a description of the damages, related photographs, and takes a few minutes to complete.
► Floor Plan Inventories - This inspection is used to verify the inventory of a product at a retail location by counting the number of such products at the retail store. Generally no photograph requirements, but the time to complete such an inspection varies by the project.
► Foreclosure Inspection - A foreclosure inspection is performed on a foreclosed property, and is essentially the same as a Bankruptcy Inspection.
► Insurance Inspection - There are basically two types of insurance inspections, interior/exterior and exterior only. Insurance inspection include details about the construction materials used in the exterior construction of the dwelling, along with condition and hazard assessments. Photographs of the address number, front, back, interior (when requested), outbuildings and any hazards or conditions observed on the property are normally required, along with taking measurements of the footprint of the dwelling to produce a diagram of the dwelling. It takes about 10 minutes to complete an exterior only inspection and about 30 minutes to complete an interior/exterior inspection.
► Leased Equipment Verifications - When a company leases equipment to a merchant, the leasing company usually wants to verify the location and condition of its leased equipment. The inspection will require the inspector to visit the property to photograph the equipment and property. Also, the inspector will take note the condition of the equipment, the equipment's serial numbers, and the property itself. The time it takes to complete this type of inspection varies by project.
► Loss Draft Inspection - When a homeowner sustains a loss on real property and files an insurance claim for that loss, a loss draft inspection is performed before funds are released to repair the damages. A loss draft inspection is essentially the same as a Draw Inspection.
► Merchant Site Verification - When a merchant wants to accept credit cards and echecks from its customers, the credit card processor wants to make sure that the merchant's business is legitimate. Additonally, a merchant site inspection is required by the Patriot Act. This inspection usually requires photographs of the business, completing an inspection form, and takes about 15 minutes.
► Mystery Shoppers - Mystery Shoppers visit retail stores and pose as customers in order to evaluate the customer service, staff and cleanliness of that store. This inspection usually only consists of completing an inspection form, and takes about 30 minutes.
► Occupancy Verification - An occupancy inspection determines who is currently occupying a property from an objective visual determination. The names of the occupant, property manager and real estate agent information are collected whenever possible. Each inspection usually requires a property description, how occupancy was determined, the name of the occupants if possible, photographs of the property, and takes a few minutes to complete.
► Sale Inspection - A sale inspection is an objective visual determination of who is occupying a property on the sale date of a foreclosure. The names of the occupant, property manager and real estate agent information are collected whenever possible. Each inspection usually requires a property description, how occupancy was determined, the name of the occupants if possible, photographs, and takes about 10 minutes to complete.
► Sale Date Inspection - This type of inspection is the same as a Condition Inspection, except that is performed only on the day a property is sold.
► Vacant Property Inspection - When a property is vacant and lockbox-secured, property inspections can ensure compliance with federal regulations, local ordinances and investor agreements. The inspection usually requires the complete of an inspection form, photographs of the property, details about any visible conditions and hazards found, and takes about 20 minutes to complete.