A C.L.U.E(Comprehensive Loss Underwriting Exchange database) report is a tracking system that tracks insurance claims on a home. This came into existence many years ago and has proved valuable for home buyers, home sellers and insurance companiesin finding out the history of major home repairs and claims. Some examples may be flood damage, mold, roofing problems or repairs etc. I read a blog by Philip Rutledge at Allstate Financial and Insurance Services….read more
All lenders that I know of require an insurance policy before approving of a loan application. So your insurance agentwill most likely run it, I know Phil Rutledge from Allstate in Barrington does before issuing you a policy on your new home purchase. If there are more than a couple claims in the past couple years, the home owners insurance policy may not be approved and therefore the loan may not be approved for your new home purchase.
If you are buying a property/home, your real estate agent can write your offer contingent upon getting a home inspection and a C.L.U.E report. Or as a home seller, you can offer a report to potential buyers for added disclosure. With the real estate market times so long now, the home buyer may want a recent report, so don’t pull one too soon.
90% of all claims are reported to the exchange. You can order your own on a property for $20 by visiting their site www.choicetrust.com or by mail Consumer Disclosure Center, P.O. Box 105295, Atlanta, GA 30348-5295.
Our professional real estate team The Julie Anne Real Estate Team are ready to assist you in buying or selling a home in Barrington, Deer Park, Palatine, Schaumburg, Lake Zurich and the surrounding areas. Just contact us and we will walk you through to a smooth closing.
Posted By: Julie Anne – The Julie Anne Real Estate Team at Keller Williams Success Realty