Get a CLUE …. Report
Recently, my friend and Realtor extraordinaire, Matthew Coates , wrote a post on his blog titled “What Happens during the Home Inspection Period?” Read it here. In it, he suggests that the Seller provide a CLUE report to the Buyer during the inspection period. This is always a good practice. The Seller can quickly obtain his CLUE report, for FREE, by going to LexisNexis. The report is helpful for the buyer to verify and validate what is contained in the SPDS (Seller’s Property Disclosure Statement).
Unfortunately, this may not be enough to get the home sold. Why? Because most insurance companies don’t factor or give much weight to the claim history of the property being purchased but they do give careful consideration to the claim history of the person(s) buying the property.
Let’s say I’m buying a property and that property has a water claim in the last three years but I’ve had three claims on a home that I just sold. My past claim history could blow up this sale because I might not qualify for standard insurance or, if I do, the premium may be significantly higher which could have an adverse impact on my ability to get the loan I need on the new property.
So, during the inspection period, if you’re the Buyer, be sure to contact your insurance agent to get your home fully underwritten with all the facts, including details in your insurance CLUE Report, so you can be confident that you'll close on your new dream home.
<emRichard Morris, an independent insurance agent in Chandler, Arizona, has been serving and helping Arizona families with all their insurance needs for over 23 years. Visit his website at http://www.southwestpremierinsuranceagency.com to see all the ways he can help you with your insurance needs or call the office at (480) 336-2707 or toll free at (888) 907-9349. Connect with Rich on Google+ and Twitter.
Author: Richard Morris