Altisource announces enhanced property inspection report – NMP Skip to main content

Altisource announces enhanced property inspection report

Apr 13, 2010

Altisource Portfolio Solutions has announced the launch of its enhanced property inspection report which offers servicers and asset managers detailed information to enable more targeted marketing efforts to expedite the sale of residential properties. Unlike a traditional property inspection report which provides a general evaluation of the property's condition, Altisource's enhanced property inspection report includes a description of any physical aspect that may significantly affect the sale of the property. Details include the existence and working condition of major appliances, condition of the carpets or flooring and information such as whether electrical outlets and light switches are properly working. "There's a big difference in the approach to marketing properties that need minor cosmetic work as opposed to those that need major repairs and replacement of appliances," said Tara Williams, vice president of field services for Altisource. "By getting detailed information about the properties' condition upfront, servicers and asset managers are able to market the properties to the right buyers from the start and avoid the surprises that can lead to the property falling out of escrow." As an example, Williams explained the Federal Housing Administration (FHA) maintains certain standards for the property's condition. If the buyer seeks to obtain FHA financing, sellers of residential assets typically cover the costs of necessary repairs to bring the property up to FHA standards. "Servicers and asset managers can leverage the detailed information provided in our enhanced property inspection report to support their marketing efforts. If the property needs extensive repairs, sellers may choose to target cash buyers or investors who are less likely to make repair demands," said Williams. The enhanced property inspection report also includes periodic updates from onsite inspectors as frequently as every two weeks. The report is completed by a real estate professional independent from any other party providing services in support of the property sale. Altisource's property inspection and preservation services are nationwide and is led by a team of professionals averaging 15 years of real estate disposition experience. Altisource manages a large scale distributed network of vendors and performs tens of thousands of inspections monthly. For more information, visit www.altisource.com.  
About the author
Published
Apr 13, 2010
Condo Review Deadline Puts Lenders On The Clock

Fannie Mae and Freddie Mac will eliminate abbreviated project reviews for condo applications dated on or after Aug. 3

TRUE Releases AI Governance Guide Ahead Of Fannie Mae Deadline

Guide focuses on tracing mortgage data from borrower documents through AI validation, human review, and final LOS entry

AD Mortgage Warns Condo Eligibility Changes Could Restrict Conventional Financing

Wholesale lender cites internal loan data to urge regulators to monitor whether new condominium eligibility standards reduce access to conventional financing

CHLA Says Direct Payments Are Key To Small FHA Loans

The lender group says mortgages below $100,000 routinely lose money, while LO compensation rules could prevent federal incentives from reaching originators

Solidifi Clears FHA Certification For UAD 3.6 Integration

The appraisal management company says it is the first to complete certification for FHA’s modernized EAD platform, giving lender clients an early path toward implementation

Vought To Face Congress Over CFPB Overhaul, Enforcement Pullback

Vought’s testimony also comes as a new poll suggests the CFPB retains broad support across party lines