The primary purpose of this inspection is to determine if a property is currently occupied. The full names, contact phone numbers, rental information (if applicable), real estate agent or property manager information and the number of units will be provided, if it can be determined at the time of inspection. The property condition and any existing or potential conditions that could impact the value of the property will also be provided.
Property Condition Inspection
This inspection includes a direct visual observation of the property to determine the overall condition and occupancy status of the property. MCS will determine if there are any existing or potential conditions that could impact the value of the property. Property condition inspections can be completed on either a contact or no-contact basis.
This inspection will determine the condition of the property and will document damages, if applicable, that are observed due to the disaster. Disaster inspections can be completed within regular inspection time frames or on a rush basis, depending on the accessibility of the impacted area.
REO Check Inspection
REO Check is an independent, on-site assessment of an REO property to determine the overall condition and marketability. This service can be completed weekly, biweekly or on a monthly basis from the time of asset acquisition until the property is sold. It provides information about each property’s overall interior and exterior condition, noting such things as damages, violations and the presence of hazardous conditions. REO Check may also be used to assess the initial and ongoing maintenance of the property, including if debris is present and if the lawn is being maintained. In addition, the pre-marketing services performed by the listing agent are assessed, including the placement of signage and marketing materials, accessibility to the property and the overall marketability of each property. The service ultimately ensures clients that each property is being kept secure, well maintained and readily marketable to show prospective buyers.
Insurance Loss Inspection
This inspection provides the inspector’s opinion of the approximate percentage of repairs completed based on the scope and dollar amount of repairs. We will attempt to make contact with the homeowner immediately following the receipt of the inspection order to schedule the appointment at the property.
Sale Date Inspection
This inspection type is conducted on a certain date (the foreclosure sale date which is provided to MCS from the client). The property condition and occupancy status are documented to determine if an eviction may be required. If the property is vacant, preservation work is performed consistent with each client specifications.
Letter Delivery Service
The purpose of the letter delivery service is to leave an envelope with client specific documents at the property. Contact with the occupant/s is available based on each client’s requirements. A photo of the subject property and the letter attached to the front door will be provided.
Due Diligence Inspection
This inspection is completed during the due diligence phase of portfolio acquisitions for the purpose of reviewing specific loan portfolios. Each inspection documents the occupancy and property condition of each property and notates high risk issues such as hazardous materials, damages and violations. Exception-based reporting is available as part of the due diligence process that highlights discrepancies within each portfolio.
This inspection is used as part of the underwriting process for new homeowner’s insurance policies or as a recertification when policies renew. The inspection provides a summary of the property condition, notates any health or safety concerns and documents any other conditions that could impact the issuance of a new insurance policy.
Origination Inspection (Prior to Funding Inspection)
This inspection provides a summary of the occupancy and property condition of each property and is used prior to the funding of an origination, refinance or home equity transaction.
MCS can provide onsite, third party photos for any industry in every ZIP code in the United States and its surrounding territories. Photos are taken per client specifications and are available in real time for review on our web-based, proprietary technology platform, MCS360.
Property Condition Report
The property condition report is an independent, third party assessment that documents the actual property condition and complements Automated Valuation Model (AVM) reports in order to help meet Interagency Appraisal and Evaluation Guidelines for lending. As a result of the federal guidelines, regulated institutions must ascertain the actual physical condition of the subject property as well as economic or local market conditions when an AVM is used for lending purposes.
QC Compliance Inspection
This inspection is an independent, third party evaluation performed by banks or servicers in an effort to perform regulatory oversight of their existing vendor/s and agents. The purpose of this inspection is to verify previously received inspection results and/or specific preservation services already completed. Photo documentation is included to support discrepancies.
Additional Inspection Types
Additional Inspection Types Include:
- Bankruptcy Inspection
- Foreclosure Inspection
- Manufactured Housing Inspection
- Rush Inspection