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Clear Capital Releases New Property Condition Report That Includes Neighborhood Context
TRUCKEE, Calif., July 22, 2008 – Clear Capital, a leading property valuations company, today introduced the Condition Conformity Inspection: a new report that helps banks and lenders determine whether their vacant, bank-owned homes are at risk of contributing to urban blight.
With the rising number of home foreclosures, increased time on market to sell these homes, and mounting pressure from local municipalities to maintain them, loan servicers are faced with the difficult task of determining which of their vacant properties have condition issues that could lead to financial, legal or reputational risk. The Condition Conformity Inspection is a visually-rich report that provides an assessment of the property condition in relation to its neighborhood allowing loan servicers to confidently determine whether additional maintenance is necessary.
“From listening to our loan servicing customers, we understand their need to know the condition of their properties in default and how that condition positively or negatively affects the neighborhood,” said Kevin Marshall, Clear Capital CIO. “We are really excited to offer the Condition Conformity Inspection. Our customers will be able to identify and remedy a potentially negative situation, reducing the likelihood of being fined by local municipalities or incurring headline risk.”
Condition Conformity Inspections bring together subject property and neighborhood information into a single, easy-to-read form that includes visual tools such as images of the subject property, street views, the ten closest neighboring homes, and a map of the neighborhood. These Inspections also include narratives on the condition of the subject, its conformity to the neighborhood, and possible deferred maintenance issues.
Clear Capital applies the same unmatched customer ethics and progressive technology to the Condition Conformity inspection as it does to all of its products and solutions. In addition, all inspections are performed by experienced brokers and agents who live in and/or service the subject property’s community and have a shared stake in its well-being.
Clear Capital serves as a trusted partner for customers across the mortgage and lending industries, providing loan valuation outsourcing for mortgage originators, secondary market institutions, servicers and resellers for properties across the United States and Puerto Rico. We use the most progressive technologies available and human, hands-on analytics to deliver highly accurate and reliable tools, including Broker Price Opinions (BPOs), Appraisals, and Value Reconciliations. For more information about Clear Capital, please contact us at 530.550.2525 or visit www.ClearCapital.com.