Mortgage Field Services

Field Services: Scam or Legitimate Opportunity ?

First Time Vacant

Posted on | December 25, 2008 | No Comments

First Time Vacant

The first report which indicates a property as vacant is called “first time vacant” or “FTV”.  Correct inspection results on FTV properties are critical because this report initiates a series of events and possibly expensive services.  The information supplied on the “FTV report” is used to determine if property preservation work is required to secure and or winterize the property.

Verified status of all utilities is essential because different preservation services are ordered depending on whether the water is on or off; gas service on or off and whether the electricity is on or off.

All FTV reports are required to include a narrative which substantiates the report – a simple “yes” or “no” is not sufficient.  A narrative explaining why the report is “yes” or  “no” is always required.  Some forms give the option of reporting “unknown” in which case the narrative must explain this choice.  Normally, the only acceptable reason for using “unknown” would be if the inspector is unable to access the utilities to verify the status.  Examples are:  No trespassing and Locked utility cabinets like you find at condos and apartment buildings.

Thoroughly reporting utility status helps mitigate risk for inspectors and others.

Category: Mortgage Field Services

Comments

Leave a Reply





  • Digital Field Services, LLC

    We Have A New Nation-wide Account Reps Needed In Every State Apply at: www.DigitalFieldServices.com

  • Recent Comments

  • Polls

    Do you ever have to mis-state field results due to limitations of the supplied forms?

    View Results

    Loading ... Loading ...