Bill Evans Home Team
Making difficult simple
(Initial Property Assessment)
Evaluates the condition of a property and whether it fits your investment strategy. It is a quick and cost effective way to determine renovation cost and scope of repairs. It is used to decide whether to renovate or not.
- Recommendations of the estimated cost of repairs
- Quickly evaluates the property (generally takes about 1-1 1/2 hour at the site)
- Low Cost – high return
- Determines real cost (true contractor market cost of the project)
Initial Property Assessment (IPA) or Feasibility Analysis
- This includes a visual inspection of the property to determine the overall condition and estimates required repairs.
- This on-site inspection is not a full Home Inspection but includes many of the areas normally evaluated during a home inspection.
- The Consultant will review with the Borrower(s) the desired renovation items that is to be included in the scope of repairs for the renovation loan.
- The Consultant will verbally communicate with the Borrower(s) on the overall condition and overall estimated repair costs for the property to meet FHA/HomeStyle minimal requirements and Borrower(s) desired additional renovation.
- The Inspection will not include an appraisal of the value or a survey. The written report is not a compliance inspection or certification for past or present governmental codes or regulations of any kind.
- The Consultant is not acting in a role of a Home Inspector.
- Bill Evans Home Team IPA Fee Charge to provide the Initial Property Assessment for the Borrower(s) is NON-REFUNDABLE. Regardless of the outcome of the loan.
The Bill Evans Home Team Feasibility Study/IPA takes about 1 1/2 hours to perform. We look at the property more thoroughly than other 203k Consultants; however, the IPA is not a Home Inspection. There are a number of overlaps between the Feasibility Study/IPA and a Home Inspection.
Below are some of the major differences and similarities between the two types:
- Costs for repairs are included in the Feasibility Study (FS) but not in a Home Inspection (HI)
- HVAC, Plumbing and Electrical systems are evaluated in more detail during a HI. The FS is looking for any major operational conditions.
- The HI describes the home in more detail and includes photographs of conditions; the FS does not provide this information.
- The HI will test and evaluate items that would be required to be replaced by the HUD 203k MPR’s. The FS would not test or evaluate these but call for their repair or replacement.
- The FS focuses on primary heating condition whereas HI includes AC functionality.
- Both FS and HI look for and identify structural integrity, weather soundness, safety or health issues, plumbing and electrical operation.
Fees: $300-500 **
- Size of the property
- Age of the property
- Condition of the property
- Type of Inspection
$100 fee for a separate written Feasibility Analysis/IPA Report
Consultant will discuss fee charge with Borrower(s) on-site
**Prices subject to change. Additional charge for mileage may apply. Consultant will discuss with homebuyer on site. It is non-refundable.