Property Condition Assessment
Nova provides Property Condition Assessment services to numerous mortgage and construction lenders across the country. Many projects involve Fannie Mae, Freddie Mac, HUD and rating agency guidelines. Services are provided for multi-family residential, commercial, hospitality, new construction, and industrial facilities.
Property condition Assessments are often required as part of pre-purchase, owner commissioned, or refinance transactions. Nova services include a site visit to evaluate the general condition and maintenance history of the property and to assess the overall design and construction of structures. All available on-site project and construction documentation is reviewed and interviews with property managers, tenants, and local officials are conducted.
Nova’s property condition report offers a narrative on the condition and adequacy of all site and building improvements and includes forms and information including items of deferred maintenance, estimates of immediate and annual replacement reserves, and comments on the building’s conformance with code, ADA, unfinished work, and FHA compliance.
Third Party Review
Third part review of reports, reserve tables, and other property evaluations are conducted to inform our clients of their existing reports’ completeness and compliance with ASTM and lender standards. Deficiencies are identified and recommended solutions are provided.Download our service sheet here
Expanded Property Condition Assessment Services – For Equity Clients
When performing due diligence prior to acquisition, Nova is aware that buyers’ risk tolerance may vary. Our Equity Markets Group provides expanded due diligence services beyond that provided by the ASTM’s baseline standard. Within our Equity Markets Group, you will find experienced architects, engineers, certified roof and building envelope professionals and construction specialists who can provide expanded assessments of building structure,and enclosure systems and internal operating and life safety systems. Nova can assemble an assessment team to meet your expectations and to provide you with property information sufficient to better understand the acquisition risk. Our reports are well documented with photographs and include Opinions of Probable Costs to remedy the physical deficiencies observed and to aid in assignment of capital allocations during ownership.