When the investor speaks with the seller and asks for what repairs are needed, usually the sellers only say that the property is in great condition and may not be aware of what needs to be done.
A property condition assessment is where we ask for permission to come into the property for about an hour or an hour and a half. They will then start taking photos and videos of the property in order to take note of what needs to be done.
If you want to learn more about working with us, you can visit https://www.effortlesshomebuyers.com/
Fernando O. Angelucci is Founder and President of Titan Wealth Group. He also leads the firm’s finance and acquisitions departments. Fernando Angelucci and Steven Wear founded Titan Wealth Group in 2015, and under his leadership, the firm’s revenue has grown over 100% year over year. Today,
Find out more at
Listen to our Podcast:
--------------------------------------------------------------
So what is a Property Condition Assessment? So when the investor speaks with the seller and asks for what type of repairs are needed, usually sellers are either not very forthright or they just don't know the types of repairs to say, Hey, my property is in great condition. But what we need to do is we actually need to go physically inspect the property and do our property condition assessment walk-through. So what will usually happen is we'll show up to the property, we'll ask for you to block out an hour to an hour and a half your time. The purchase manager or one of the acquisition managers will show up to the property, and we'll greet you say, hello, ask you probably some questions that they still have based off of the information they received. And then they'll start with the exterior of the property, they'll start taking photos and videos of the exterior.
They'll most likely have a clipboard, and they'll start writing down any type of repairs that may be needed. Maybe the roof needs to be replaced or sections need to be patched, maybe the exterior walls need to be painted or repaired, if it's masonry or wood siding, they'll look at drainage, they'll look at the slope of the ground to see if it causes water to go into the property, if it takes water away from the property, from there, then they'll move to the interior, and they will start with taking photos of every room from multiple angles, looking at the floor, looking at the ceiling, looking at the walls, they will then take a video walk-through of the entire property. So they will actually just get their phone out or their camera out, and they'll film usually anywhere between a three to a five minute video.
The reason that is done is because most sellers do not have the original floor plans for their homes. And it's very difficult to see the flow of the home just through photos, so you usually need a video to supplement that. At the end of that, then they'll go and start doing the repair cost estimate on the interior, what is it going to cost to repair the floors, paint the walls, redo the kitchens and bathrooms, upgrade the mechanicals, so maybe the electrical is not up to code or the plumbing is not up to code or the HVAC needs to be changed, or maybe there is no HVAC, and that needs to be added in. Investors are always looking to repair a property, so it looks like a brand new property, like one of those HGTV properties that you see on those shows.
So those are all the things that they'll look at, an additional step that may be done if it's a large property or needs a lot of work is we'll bring in a virtual reality or a 3d tour device, and that 3d tour device has multiple cameras that will actually swing in a 360 degree angle record everything, not only taking photos, videos, but also taking all the dimensions of each of the space to make it easier for our contractors to then estimate and tell us how much the work is going to cost us. That's a Repair Cost Estimate or a Property Condition Assessment, and it's needed to formulate an offer for the seller.
No comments:
Post a Comment