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"As a first-time homebuyer, I was nervous about the entire process. Step by step, Joe made it easy and fun. His expertise in the Columbus real estate market is a tremendous asset. He is highly recommended!" - Nicolette Horan
"I wanted to say thank you again, so much, for all your hard work. I know that you really put a lot of time into this transaction and I really, really appreciate it. I'm so happy I got the house and it all worked out and I just wanted to say thanks again, you did a great job and i really appreciate it. I will put that on the survey when they send it to me.
If there is ever anything I can do for you, please don't hesitate to give me a call. I will refer every single person I know to you. I'm going to go get my dog and we're going to sit on the floor of our new house and have a glass of champaign. Thanks a lot Joe" -- Michael Mamp
Get A Clue - One Thing Every Buyer Could Do that No Buyer will
March 29th, 2007 categories: For Home Buyers, For Home Sellers, Real Estate News
Get a Clue (report from the sellers insurance agent)
A great report that can tell you more than the sellers might, but is mostly unheard of by the majority of the public, is a CLUE Report.
The acronym means Comprehensive Loss Underwriting Exchange. It is a database used by the insurance industry which includes information about any and all claims filed on a particular property.
While full disclosure of any problems associated with a home is required by sellers, some sellers do neglect to inform prospective buyers if any damage has ever occurred to the home. (Also- they are not required to disclose anything over five years ago per the Disclosure form)
A CLUE report will tell a buyer exactly what kind of claims have been filed against a particular property and when. There is a fee associated with this for the Seller. Some might think such a report is not needed for Ohio real estate,(Since we have few Tornados, Earthquakes or certainly Hurricanes) but with hail storms, Ice Storms, and fires still possible in the area, the report can be used as just another piece of information to put buyers mind at rest.
Buyers, the report can only be requested by the owner of the insurance policy, so
don’t try to do it yourself if you are thinking of purchasing a home. Instead, make your offer contingent upon review of the document. Consider it an extension of the Inspection Report.Sellers, from the beginning, always disclose any and all damage & repairs that have effected the home during your ownership. If a buyer asks for a CLUE report, gladly provide one. While you might see it as an annoyance, it could just be the final key to selling your home.
This does have real-world implications. I know of a transaction that recently fell apart at the last minute because the buyers waited to get their home insurance in place. They found out that the sellers had several claims over the last couple years and this, coupled with their own claim history, raised the yearly insurance on the home to the degree that they could no longer be approved for that mortgage.
Important to remember: The report contains only raw information and how that information will affect the insurability of a property isn’t explained as part of the report. Also, not all insurance companies will use the information in the report the same way.
It’s always best to contact your insurance professional to have a conversation regarding the insurability of the property.