Foxy Condition Score Explained
Real estate professionals have been making critical decisions missing an essential piece of visual property intelligence - property condition. Assessors’ databases are inaccurate and unreliable, and countless hours are wasted browsing property photos in an attempt to determine its condition. The only way to get reliable information is to either physically visit the property, which isn’t always possible, or look at photos of the property, which is time consuming at scale.
How can we determine the condition of a property in an objective, standardized way, at scale?
Using AI technology built to turn property photos into information on the condition and quality of a property, Foxy AI built an end-to-end solution to score the condition of the property based on photos, with an easy to use, easy to understand score. The Foxy Condition Score is a number between 1 and 6 that measures the Condition and Quality of the property in the photo. This score is based on the scoring system from the Uniform Appraisal Dataset used by both Fannie Mae, Freddie Mac and others, for underwriting.
Now, using artificial intelligence, we can determine the condition of the property automatically, with consistency, and at scale, using property photos.
- New condition with no deferred maintenance or repairs required.
- Unique structures that are individually designed by an architect for a specified user.
- Exceptionally high quality interior and exterior refinements and ornamentation.
- Exceptionally high quality workmanship, materials, and finishes throughout.
- Like new condition. No deferred maintenance and requires no repairs.
- Custom designed for construction on an individual property owner’s site.
- Detailed, high-quality interior and exterior ornamentation and refinements.
- High or very high quality workmanship, materials, and finishes.
- Well maintained with limited wear and tear. Some components may be updated or recently rehabilitated.
- Higher quality built from individual or readily available designer plans in above-standard residential tract developments or on an individual property owner’s site.
- Significant exterior ornamentation and interiors that are well finished.
- Many materials and finishes throughout the dwelling have been upgraded from “stock” standards.
- Minor deferred maintenance and deterioration due to normal wear and tear.
- Design includes some exterior ornamentation and interior refinements.
- Materials, workmanship, finish, and equipment are of stock or builder grade and may feature some upgrades.
- Older dwellings in good condition.
- Obvious deferred maintenance and is in need of some significant repairs.
- The functional utility and overall livability are somewhat diminished due to condition, but the dwelling remains useable and functional as a residence.
- Minimal exterior ornamentation and limited interior detail.
- Constructed with inexpensive, stock materials with limited refinements and upgrades.
- Older dwellings in need of significant updating.
- Substantial damage or deferred maintenance with deficiencies or defects that affect the safety, soundness, or structural integrity may be present.
- Basic quality and lower cost; some may not be suitable for year-round occupancy.
- Such dwellings are often built utilizing the lowest quality building materials.