I have been reading about different inspections and was wondering if there is a list of what these are? Example is a post about Draw inspections. I have done some searching but not a bit of luck so far. Would be nice if this was a list in a single place and possibly even a sticky in the forums.
Below is a building inspection checklist completed for every property that we as the Brisbane building inspections specialist inspect. In every property we inspect,
Allotment Chimney Garage House Exterior House Interior Wet Areas Roof Exterior Roof Interior House Interior
Ok, guess I need to clarify. What IS a Draw inspection? What IS a walk inspection? not details but more like a definition.
Example: A Standard inspection adheres to the NACHI SOP minimums.
I also understand that every companies Standard or Basic can be anything, might include thermal imagine or air quality or what ever. I am more interested in the specific inspections. I keep using Draw as an example, because I still don’t know what it is but there was another 1 a month or so ago that was specifically named and I had no clue as to what it was. Will see if I can find it again and maybe just ask.
A draw inspection typically is done for a bank or other mortgage lender. Any builder, large or small, isn’t given millions of dollars to build homes. Rather, they are given draws against the total amount approved. So, in my case, I would go out once a month to simply verify that work which was supposed to be done, for which the bank had provided money, was actually done. If it was, then the builder would get more money to continue building.
In other words, say that you are building a 4,000-SF house and that you have a $4 million loan approved by Bank of America to build it and that your timeline is 18 months. Basically the bank is going to give you about $225,000 each month. The first month’s you get with no further questions asked, but the second month I get sent out to see if you spent the first $225,000 on whatever it is you said it was going to be spent on (initial grading, initial utilities, foundation). If so, you get the next $225,000.
I gotcha. So a Draw inspection is for a construction loan. You make sure they are making progress and it is somewhat on the time schedule before another draft or draw on the the loan. Do they send a list of things that should be done?
Yes. I go out with a list of items and a percentage of those items that they expect to be completed. I check them and make my own estimate of the percentage that is complete. It things match up well, the builder gets more money from the lender.
Never even tried draw inspection but assume the pay scale fee doled out is higher on a scale based out of the loan size from what you just said.
My aux jobs were always the drive-by photo shots and run through Fannie Mae commercial loans with a few foundation jobs for Harrison Foundations which is a very pleasant company to do work for by the way.
They call several times a year at most but will always respond to any requests here just because they are so fair and simple.
That work is just taking certain location shots of the property that are requested and typing in your comments so a Structural Engineer can view them from out of state