Many factors in addition to property condition are reviewed; including competitive area listings and comparable sold properties to
ensure a qualified valuation expert provides precise and accurate values. We provide the information our clients require to make
effective and beneficial business decisions when managing their properties.
MAPPS's Valuation Services include:
Interior or Exterior BPO - A valuation based on interior or exterior inspection that includes three comparables, three sold
comparables, suggested list price, probable sale price, 90-day quick-sale price, and "as-is" and repaired values with photographs.
BPO with No Comparables - A valuation that includes suggested list price, probable sale price, 90-day quick-sale price, and "as-
is" and repaired values with photographs.
Freddie Mac & Fannie Mae Interior or Exterior BPO - Valuations based on an interior or exterior inspection completed in
accordance with defined standards.
Exterior Appraisal - A valuation from a licensed real estate appraiser based on an exterior inspection, comparable real
estate values, and the neighborhood condition.
Full Interior Appraisal - A valuation from a licensed real estate appraiser based on an exterior and interior inspection, comparable
real estate values, and the neighborhood condition.
Insurance Loss Inspection
IL Inspections help to ensure that hazard insurance claims funds for damaged properties are properly disbursed and appropriately
utilized to repair and improve the subject property. This protects the value of the collateral as security.
MAPPS will, upon client instruction, send an inspector to a property to review and assess both the existing damages at a property
and the percentage of repairs completed. With this information, our clients can determine whether a requested release of additional
or remaining repair funds is appropriate.
The IL Process:
Upon receipt of an IL order and the "scope of work" to be completed (provided the scope is submitted) at a property, MAPPS will
have an inspector make an appointment with the property occupant to inspect the repairs.
This contact is made within 24 to 48 hours of receipt of the IL order and the client is then notified of the inspection appointment date
and time. The inspector will meet the occupant, and in some cases the contractor performing the repairs, at the property to assess
and inspect the damages, repairs completed, and to report on any additional repairs still needing to be performed. The
inspector will inquire of the occupant's satisfaction with repairs completed to date and, if the occupant is satisfied, will request that
the occupant execute a repair satisfaction form. All information, including the estimated percentage of repairs completed, the
mortgagor's stated level of satisfaction with the repairs, applicable inspection forms, and any additional pertinent information, is
provided to the client upon completion of the inspection.
Strict deadlines are enforced on inspectors to make and keep inspection appointments and submit all data in a timely fashion.
MAPPS also retains a staff well versed in performing detailed quality control reviews of inspection results received and comparisons
of reported repairs completed to the original "scope of work" as provided by the client. Our staff will also be in contact with the
client at least once every other day to provide them with updates.
No Contact IL Inspections:
IL inspections can, upon request, be performed as a more limited exterior inspection not requiring an appointment with the occupant
or contractor. Exterior only IL inspections are generally requested for verification of repairs for roofs, siding, gutters and other minor
MAPPS understands the critical importance that an integrated comprehensive effort plays in placing REO properties in marketable
condition efficiently and cost effectively. When a property is maintained proactively with "curb appeal" in mind, the likelihood of a
buyer issuing a purchase offer is greatly enhanced - reducing the time the property is on the market and enabling the property
holder to recover the highest achievable value and quickest disposition. Achieving these lofty goals of maximizing marketable
condition generally requires diligent preservation, protection, and ongoing maintenance. Additionally, it is necessary to coordinate
efforts with the appraisers and the local real estate brokers and agents who are marketing the property to potential purchasers.
MAPPS' REO department is comprised of Maintenance and Repair Specialists, Client Relations Representatives, and Broker Direct
Team, which focuses strictly on communications with the brokers and agents. These individuals work together to facilitate the
placement of the asset on the market as quickly as possible while ensuring quality work to preserve and protect each property, from
foreclosure sale to marketable condition, and finally, to the point of a completed sales transaction. MAPPS provides Preservation
Services with an unwavering focus on ensuring that the property is placed in marketable condition as soon as possible after
foreclosure sale or an eviction. MAPPS has developed an innovative and unique approach to serving REO properties that is designed
to maximize efficiency of service, minimize administrative costs and eliminate costly duplication of work. To provide for more
effective management of costs for our clients, we have developed a fixed price "cradle to grave" concept that allows you to more
efficiently project costs over the lifecycle of an REO property. MAPPS Clients have realized a number of benefits from this pricing
model including, but not limited to:
- A fixed fee approach to managing and budgeting for initial and ongoing maintenance costs.
- Improvement in efficiency that dramatically decrease the internal labor costs necessary to order, review and approve bids,
and processing invoices.
- Centralization of responsibility for all property services greatly enhancing communication with realtors, marketing officers,
and other vendors.
- Single point accountability with a proven partner recognized and approved by all government mortgage servicing agencies
such as HUD, VA, Fannie Mae, and Freddie Mac.
Click here to contact us with any questions or just call us at 913-219-2731