Drive-by inspection

Drive-by inspection is a quick assessment of a property.^[1] In the case of foreclosure, drive-by inspection services are primarily used by financial institutions which require foreclosure property preservation and bank foreclosure inspection services and specialists.

Quick property assessment

Drive-by inspection 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]

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 (FDCPA)
  • Fair Credit Reporting Act (FCRA)
  • Health Insurance Portability and Accountability Act (HIPAA)

References

1. Field Inspection Start-up Guide. Inertia Team. Retrieved 1 July 2016.
2. 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.
3. "Property Valuations". Perth Property Valuations. Retrieved 29 April 2015.