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Get a CLUE!

Disclosure is possibly the single most important part of a Real Estate Transaction. In Texas, ALL Sellers are required to fill out a Sellers Disclosure which gives the potential buyer a short history of the property. Even if you are selling or buying a home For Sale By Owner, it is required.

However, there is always the chance that the seller "forgot" about something, or maybe the previous owner "forgot" something. Never Fear, Steph is here!

While searching for a home there are many tools available to help you. The one that I am going to mention here is the CLUE Report. (Comprehensive Loss Underwriting Exchange)

This is a report that you can request for FREE from your insurance company. This is like a credit report for homes. Not only do claims filed agains insurance follow you, but they stay with the home. This list will show you any claims filed and the amount paid out for them.

This can be important in several ways. Hot Water Heater bottoms out and causes water damage. I'd want to know. Hail Damage to the roof and funds were paid out by the insurance company BUT the home still has the original roof. Uh Oh!

I always recommend getting one of these reports, sometimes before writing an offer. It is important that during your option period (inspection period) you contact the insurance company that you plan on using to get you quotes. If there has been a long line of claims on the property, you might get a surprise rate.

So, don't be CLUEless. No reason not too! It's FREE!

Stephanie Edwards-Musa

www.youragentsteph.com

Posted by Stephanie Edwards-Musa, Realtor ® The Woodlands, TX Real Estate on 05/04/2007 09:00 PM

Comments (10)

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10 Comments on Get a CLUE!

Stephanie - this is great advise. In Florida we try to get seller's property disclosures but at the moment it is not a state requirement, so some do and some don't. The CLUE report would especially be good for buyers here because we've had so much hurricane damage in the last few years.

05/04/2007 09:09 PM

by Elizabeth Ruvo - All Florida GMAC Real Estate (All Florida GMAC Real Estate)

Stephanie I knew that there was a such thing... Just didn't know it was free... Thanks for the information

05/04/2007 09:14 PM

by Michelle Way ABR GRI WCR (Pro Realty)

That's crazy. I can't imagine it not being required. My company even has a supplemental disclosure talking about flooding, mold and other hot topics to reduce liability for the sellers. I know other states have CLUE reports, Ohio for one. Call your insurance agent and find out if they have something similar. It only shows claims though. BUT those are usually the biggies!

05/04/2007 09:14 PM

by Stephanie Edwards-Musa, Realtor ® The Woodlands, TX Real Estate (Prudential Gary Greene, Realtors ®)

Hi Michelle, I don't know if it's free up there but it is down here. The thinking is if they give you the report, they get your business. Ya Know! Glad it helped!

05/04/2007 09:16 PM

by Stephanie Edwards-Musa, Realtor ® The Woodlands, TX Real Estate (Prudential Gary Greene, Realtors ®)

We also submit a Seller's Real Property Disclosure which is four pages. The CLUE report may be something to consider as well! Thanks for the info

05/04/2007 09:17 PM

by Celeste "SALLY" Cheeseman (RA), e-PRO HAWAII Real Estate & HAWAII Relocation (Century 21 Liberty Homes -Mililani, Hawaii)

I love your article, but I almost didn't read it because I felt like you were talking down to the audience. You might want to repost with a titel Like "Get a Clue! A Clue report that is!" do it doesn't sound they way I took it. Just edit title and post, you shouldn't loose your comments or anything, but I wouldn't swear by it.

05/04/2007 09:21 PM

by Vicky Carlton, Auctioneer,CES,CVS - Cincinnati (Global Realty Marketing)

Hey Sally, ours is 4 pages too and then my company's supplemental is 3 pages. The clue report is neat though.

05/04/2007 09:22 PM

by Stephanie Edwards-Musa, Realtor ® The Woodlands, TX Real Estate (Prudential Gary Greene, Realtors ®)

Thanks Vicki. I thought about that, but it got your attention didn't it?

05/04/2007 09:24 PM

by Stephanie Edwards-Musa, Realtor ® The Woodlands, TX Real Estate (Prudential Gary Greene, Realtors ®)

Stephanie...

Thank you for this info. I knew of this report but never really used it, but now I can see why it should be discussed with my clients.

05/04/2007 10:04 PM

by Jennifer Fivelsdal, Rhinebeck NY (Keller Williams Realty)

Hi Jennifer, In Texas we have lots of "weather" related items and when it was covered by insurance "mold". There used to be a lot of "forgetfulness". I don't see it as much anymore, but it's still a nice tool for history of a home. Thanks for the comment.

05/04/2007 10:07 PM

by Stephanie Edwards-Musa, Realtor ® The Woodlands, TX Real Estate (Prudential Gary Greene, Realtors ®)