What is a Clue Report?
What you need to know about C.L.U.E.
In this area of Michigan we have not heard to much about C.L.U.E. Reports. However, we have been reading more and more about C.L.U.E reports, from other agents across the county.
Although, we have seen some changes when it comes to Homeowners Insurance. For instance, over the past few years many insurance companies have requested access to the property, prior to closing. We have also received calls from some of our buyer after the closing, stating that their insurance company has now denied them. In most cases, the buyer has simply supplied their home inspection report or a contractor letter.
So what is a C.L.U.E. Report?
It stands for Comprehensive Loss Underwriting Exchange. In short, insurers collect data on every claim made against a home and compile it in data bases for insurance companies. So even if you have not personally made an insurance claim the home you are buying may have several claims against it. Something a seller may not disclosure to you, especially if it's been repaired.
Just like the sellers disclosure we may in years to come find that the C.L.U.E. Report is required. As a seller you can order C.L.U.E Report.
As real estate agents it is our job to stay on top of industry changes. If you would like to read more about C.L.U.E. Reports you can visit the LexisNexis website and read more about C.L.U.E. home sellers' disclosure reports. Or your can find out more in this brochure offered by the National Association of REALTORS®.
In this market you need a real estate agent by your side at all times. Do you have one or are your going it alone?