Audioblog From The Road

Get a C.L.U.E.?

Are you wondering what in the heck I'm talking about? C.L.U.E., an acronym for Comprehensive Loss Underwriting Exchange, is a national database that tracks insurance claims on properties. It's kind of like your personal credit report, except it's all about insurance claims. Remember back in the day when you could just call your insurance agent, give them the address of your new home, they would quote you a rate, you'd mail them a check and you had hazard insurance on your home. Not the case anymore. Most, if not all, insurance companies now pull a C.L.U.E. Report on the home you are buying as well as on the home where you are currently living. They then base your rates on their findings. Some insurers even want to come out to the home and do a visual inspection of the inside and outside. This is why it is so important to apply for insurance immediately after having your offer accepted by the sellers. Don't wait until the last minute to then be surprised when issues arise!

By looking at a homes C.L.U.E. Report, you can see claims on the property for the past five years, which may reveal hidden problems such as mold or water damage that you as buyer would want to know about. Have your Realtor ask the sellers for a copy of their homes report before writing an offer. Also, when selling your home, it's a great idea to offer a copy of your homes C.L.U.E. Report to prospective buyers. Like credit reports, C.L.U.E. Reports can only be obtained by the current owners. It's only a matter of time before the state will have C.L.U.E. Reports as a mandatory part of the seller disclosure documents. Mortgage companies already are starting to order these reports as standard procedure because they don't want to be stuck with an uninsurable property.

Ok, so now you know what a C.L.U.E. Report is, but where do you get one? Go to ChoiceTrust's CLUE Reports page to view a sample CLUE report, to learn how to read reports, and to order your FREE report. This report includes your C.L.U.E. Personal Property loss history, inquiry history, and information on how to dispute the claims in your report. ChoicePoint's subsidiaries, in compliance with the FACT Act, provide homeowners with one FREE report during each 12 month period. Choice Trust also offers a Free Auto Report which includes your C.L.U.E. Auto loss history, inquiry history, and information on how to dispute the claims in your report :)
Real Estate Clue Report

Home Inspections

Happy Monday to you ;-) Today I participated in a home inspection with clients who are purchasing a home in Frederick County. It was a successful inspection with only three minor things that needed attention: a GFCI receptacle needs to be replace and two sink drains are draining slowly. This was a good inspection! It does make me (an my clients!) happy when inspections go this well but reminds me of times when they haven't. I believe that it is VERY important to have the home you are in the process of buying inspected by a professional inspector, certified by ASHI, NACHI or NAHI. With the proper addendum to your offer, most sellers will not hesitate to agree to having their home inspected (typically at the buyer's expense). Depending on the terms of the inspections addendum, you can then have the sellers repair, replace or reimburse you for any major deficiencies that are found. Also, if it turns out that the house that you've fallen in love with is a lemon, your inspections addendum should provide you the ability to be released from the contract and have any monetary deposits you made, returned to you. Environmental inspections are also important, and sometimes required by your lender, when purchasing a home that has a well and septic system. Other environmental inspections you may want to have include testing for high levels of radon, lead and mold. I would be more than happy to help guide you through this process when purchasing your new home! Questions or comments? Please let me know! Hope everyone has a great week.
Real Estate Home Inspection