Finance:Drive-by inspection
From HandWiki
Short description: Act of property assessment
Drive-by inspection is a quick assessment of a property.[1] Drive-by inspection, or quick property assessment of properties are performed to assess a real estate property, such as of by field investigators for out-of-town landlords of rental property.[2] Drive-by inspection services are primarily used by financial institutions in the case of foreclosure and require foreclosure property preservation and bank foreclosure inspection services and specialists.
Foreclosure
Drive-by inspection process includes:
- Property assessment,[3] upgrades and improvements – the property is inspected by a professional which inspects based upon a report verifying that all given financial funds and resources where utilized solely for home improvement.
- Investigation and verification – is done to confirmed the property address, determine neighborhood condition and value of properties, and capture a photographic record of property interior and exterior.
- Legalization
- Implementation of methods and procedures are enforced by:
- Fair Debt Collection Practices Act
- Fair Credit Reporting Act
- Health Insurance Portability and Accountability Act
References
- ↑ (in en) Field Inspection Start-up Guide. Inertia Team. https://books.google.com/books?id=4cqKGweuQyEC&dq=%22Drive-by+inspection%22&pg=PT26. Retrieved 1 July 2016.
- ↑ Wallin, Craig. (2009). "Drive-By Profits: Your Step-by-Step Guide to Making Money as an Independent Field Inspector." Anacortes, WA: Headstart Publishing. p. 148.
- ↑ "Property Valuations". http://www.perthpropertyvaluations.net.au/. Retrieved 29 April 2015.
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