Washington-headquartered ""DepotPoint, Inc."":http://www.DepotPoint.com, a provider of Web-based default management, short sale, and REO workflow solutions, recently partnered with ""Code Violation Services, Inc."":http://www.cvsinc.net, a Colorado-based provider of code violation disclosure reports and vacant property registration services.
With this partnership, users of TrackPoint, DepotPoint's technology platform for managing default transactions, can now perform code violation checks on their properties.
Code Violation Services will analyze and identify unrecorded, municipal code violations on defaulted prop-[COLUMN_BREAK]
erty managed through TrackPoint. According to a statement from the companies, this move will eliminate fines from unresolved violations and reduce timelines for the sale of REOs and other distressed properties.
""Unresolved code violations are a huge obstacle to distressed property sales,"" said Joe Filoseta, president and CEO of DepotPoint. ""Our partnership with Code Violation Services will help banks, asset managers, and other parties find and resolve current violations as well as work proactively to prevent new ones. The result is a reduction in loss severity and distressed sales that move forward unimpeded.""
Examples of code violations include property registration non-compliance, trash in the yard, broken windows, algae in pools, overgrown lawns, and property improvements made without permits.
""The skyrocketing foreclosure rate over the past several years has resulted in an extraordinary number of code violations nationwide, which has made it extremely difficult to return nonperforming properties into homes for deserving families,"" said Rudy Krupka, president and CEO of CVS. ""I know we share DepotPoint's commitment to reversing this trend and look forward to working together.""