The objective of our Feasibility Study with Cost Analysis is to ascertain if the real estate developer has allocated sufficient resources and vetted the proposed improvements to the best of their ability. By completing this pre-closing task, our clients are well informed of the proposed improvements, the obstacles the developer may encounter and the sufficiency to complete the improvements.
In circumstances where the project is of a smaller scope or when our clients only want to verify sufficiency to complete the improvements, we perform a Cost Analysis that is also referred to as a Budget Review. The proposed improvements are summarized and a determination is made whether sufficient funds have been allocated in the budget through a Cost Verification Summary.
Both of these methods provide an independent opinion of the proposed improvements as they relate to the site development and/or building construction of the subject property. In addition, any areas that may be cause for concern during the improvement process are discussed.
Residential appraisals are available throughout Virginia, Maryland and the District of Columbia. DCMI’s licensed appraisers have an in-depth knowledge of the marketplace where your subject property is located. Unlike other appraisers in the Metro DC area, we are able to provide appraisals of rural Maryland and Virginia where data is difficult to obtain or is limited. The subject property is carefully compared to other properties with similar characteristics that sold in the same market area. We deduct value for comparative deficiencies and increase value for amenities. Drive-by appraisals are available in Maryland, Virginia and the District of Columbia for Real Estate Owned (REO) Construction and foreclosure properties as well.
In addition to Appraisals, we are pleased to provide Appraisal Reviews whereby we employ our expertise to confirm the values and comparables enumerated by the Appraiser to accurately reflect the subject property as it relates to the marketplace.
DCMI conducts site visits and inspects for recognizable and potential environmental concerns including asbestos-containing materials, lead-based paint, mold as well as other potential environmental contaminants such as above-ground storage tanks and underground storage tanks. A detailed report with pictures is provided. This service does not include deconstructive testing.
Using deconstructive methods, DCMI samples and tests suspected environmental hazards within the dwelling and a report including laboratory results is prepared that may be relied upon for building permit issuance.
While construction is progressing it is critical to monitor your risk throughout the process—after all, you have provided the project funding either through a loan or an investment and must ensure that the improvements are progressing within the constraints of the pro-forma. Following client notification, DCMI visits the project to perform a thorough on-site Construction Progress Monitoring Inspection. During our site visit we observe the project’s progression relative to the requisition for payment and then we compare our observations to the plans and specifications to confirm the project is being constructed in accordance with the appraisal and constructing financing parameters. During our review of the requisition, we determine if the borrower or their contractor has included change orders that may increase the project costs or modify the scope of the improvements, confirm stored materials are onsite or offsite, review the regulatory databases for building permit compliance and most importantly verify sufficiency to complete the remaining improvements.
We offer an easy-to-use and secure online ordering form for our clients to request inspections which allows our clients to denote their desired return date and allows for document uploads. Upon completion of our on-site inspection, we submit our Construction Progress Monitoring Inspection Report in an innovative and concise format that is well received by national and community banks throughout the Mid-Atlantic Region.