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Searching for CLUEs: What Homebuyers & Sellers Need to Know About Homeowners Insurance
Homebuyers and sellers should be aware about issues involving homeowners insurance and the C.L.U.E. database. C.L.U.E. stands for Comprehensive Loss Underwriting Exchange and is a collection of homeowners insurance claim history enabling insurance companies to access five years worth of prior claim information to evaluate risks. The database is maintained by Choice Point Inc., a private Georgia firm, and contains over 40 million claims records on houses in all 50 states. Over 90 percent of insurers providing homeowners coverage provide data to the CLUE system. In the same way that having a bad credit record affects your ability to finance a home, negative information in the CLUE database can affect whether a purchaser can get a homeowners insurance policy and at what cost. Many homebuyers are facing the grim reality of the decreasing availability and affordability of homeowners insurance. When a homeowner applies for insurance on a property, the insurance company will usually check the CLUE database to see what claims or reports of damage are on file about the property, and may charge higher premiums or possibly decline to offer insurance coverage. Without homeowners insurance it is nearly impossible to obtain a mortgage loan and in most instances a sale will fall through. Sellers of properties who never made an insurance claim but only lived in the house for a short period of time may be unaware of potential problems because of claims made by the prior owner. Another problem arises with "zero-dollar" claims which refers to things that did not result in a loss for the insurer being listed as a claim in the CLUE database, such as a homeowner calling the insurance company about possibly filing a claim, even if the claim is never filed. The National Association of Realtors® believes that home sellers, buyers, and Realtors® need more education about CLUE. Homeowners and sellers may obtain the CLUE report on their property from www.choicetrust.com for $12.95. It is important that sellers review this report carefully to correct any inaccuracies which may inhibit a new owner from obtaining homeowners coverage. For buyers, it is critical to find out the claims history of a property before purchase by requesting a copy of the CLUE report from the seller in a contingency clause in the contract. Getting a C.L.U.E. report as soon as possible during a real estate transaction will help ensure that buyers and sellers do not receive unpleasant surprises at the last moment causing unneeded stress and delays and possibly causing a sale to collapse. Brian Block is a Realtor with Re/Max Allegiance in Alexandria, Virginia. He is also a real estate attorney. He can be contacted at 703-626-0715. If you or anyone you know has real estate questions or is looking to buy or sell real estate in the Northern Virginia and Metropolitan D.C. area, contact Brian Block. For more information and to start your home search, visit his website at http://www.brianblock.com
MORE RESOURCES: London Ontario Real Estate Information Can I Sell My Private Mortgage Notes? MISSISSAUGA, ONTARIO-- - Chartwell Seniors Housing Real Estate Investment Trust announced today that Bristal Holdings, LLC, a company jointly owned by Chartwell and affiliates of ING Real Estate Australia Pty has entered into an agreement to sell a portfolio of five seniors living communities comprising ... BTB Real Estate Investment Trust announces the acquisition of an office building in Ottawa, Ontario TORONTO, ONTARIO-- - Simon Property Group, Inc. , the world's leading retail real estate company, Calloway Real Estate Investment Trust and SmartCentres announced plans to develop their second Premium Outlet Center in Canada. The center will be located in the Town of Mirabel, Quebec, approximately 20 ... TORONTO , May 17, 2012 /CNW/ - The Ontario Real Estate Association (OREA) applauds proposed legislation introduced today at Queen's Park that, if passed, would facilitate the use of electronic agreements ... TORONTO, ONTARIO-- - Calloway Real Estate Investment Trust is pleased to report strong results for the first quarter ended March 31, 2012.Highlights:--  Maintained portfolio occupancy rate at the 99.0% level for the ninth    sequential quarter. --  Funds from operations  increased by 14.4% to $54.6 million and    5.1% to $0.434 on a per unit basis compared to the same period in 2011 ... TORONTO, ONTARIO-- - Allied Properties REIT today announced results for its first quarter ended March 31, 2012. The results are summarized below and compared to the same quarter in 2011: Q1 2012 Q1 2011 ... TORONTO, ONTARIO-- - Allied Properties REIT announced today that the Trustees of the REIT have declared a distribution of $0.11 per unit for the month of May, 2012, representing $1.32 per unit on an annualized basis. The distribution will be payable on June 15, 2012, to unitholders of record as at May ... TORONTO, ONTARIO-- - Allied Properties REIT announced today that it has entered into an agreement to purchase the following property for $61.75 million:  Address                               Total    Office   Retail   Parking                                            GLA       GLA      GLA    Spaces  ----------------------------------------------------------------------------  Lang Tannery ... TORONTO, ONTARIO-- - InnVest Real Estate Investment Trust announced today that a distribution of $0.0333 per stapled unit, payable on June 15, 2012, has been declared to the holders of record as at the close of business May 31, 2012. The distribution is $0.0333 per unit of InnVest Real Estate Investment ... TORONTO, ONTARIO-- - RioCan Real Estate Investment Trust today announced a distribution of 11.5 cents per unit for the month of May. The distribution will be payable on June 7, 2012 to unitholders of record ... |
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REAL ESTATE ARTICLES
Probate & Obituary Marketing I start my marketing with obituaries followed with probate filings and find it just another effective way to acquire property.Short of courthouse research you can go to your local library and go to the reference department and research using what is called a Polk City directory that will list if the deceased party owns real estate. Questions To Ask The Landlord Before Renting His Apartment Apartment hunting is not the easiest thing around. You may find places not suited to your tastes or those which do are not to your budget. Real Estate Professional in the Palm of Your Hand GETTING THE MOST FOR THE LEASE-TRACKING YOUR REAL ESTATEIf you own rentals and/or investment properties, you know that you have to keep track of your portfolio, maintenance profiles, property managers, and related financial matters. There are a multitude of programs for the Palm-Pilot system to keep up with lease dates, lease expirations, and rent due dates. Homebuyer Heaven Can't Possibly Last With interest rates at record lows over the past year, there's really only one way for them to go, the only question is when. Most experts agree that rates will remain fairly stable in the short term, at least until the end of the year, and some believe they will even decrease slightly. Commercial Income Property Financing: Part 1 of 3 Welcome to this first portion of a three-part series about income property. In this first segment we will be discussing financing options for commercial income properties as well as the upside (and downside) of owning this type of property. Real Estate Investing - Protect Your Privacy An irate tenant or disgruntled home-buyer, with the help of a willing attorney, can readily prompt a property search for a property owner in public records. The target of the search becomes someone who has deep-pockets as reflected in real estate assets. Fixing Houses: Mixing Your Own Paint for Savings and Harmony To make the maximum profit on your investment properties, you'll need to save money wherever you can. One way to save significant amounts of money is to mix your own paint. Should You Use a Property Management Company or Manage Your Real Estate Investment in Florida? When considering investment properties, first of all, it must be determined that it is profitable and a good idea to purchase rental properties. Let's talk about this aspect. Selling Your Home - What Can Go Wrong With Pricing and Loans So, you're selling your home (house, townhouse, condo, apartment, land, lot, farm, ranch, etc.), what can go wrong? The sad fact is that a lot of things can go wrong. Do I Have To Buy Real Estate Through An Agent? Sometimes when we are very busy professionals and very rich it might be convenient to let an agent do the groundwork for us. Letting them make appointments, drive to the property, roam through house after house sizing them up until they find a few great homes that might be just perfect for us. Home Equity or Debt Trap? Are you using the equity from your home to purchase everyday things? This is a dangerous trend growing more popular every month as millions of Americans tap into the value of their home to fund a lifestyle.How many times have you heard the saying "Your home is the best investment you'll ever make"? How many times have you also heard that your home will be the most valuable asset you will ever own?Both of these are as true, if not truer, today than at any time in the past. Dont Forget to Ask About Restrictive Covenants Homebuyers, especially first-timers, may not think of asking about restrictive covenants. But these clauses dictate what can and cannot be done to or on a property. Getting Raw Land, Not a Raw Deal! There is more to buying raw land than meets the eye and more than a few individuals have wished they'd had a second chance upon finding themselves duped, conned, misled, ill-advised, uninformed, oversold, undereducated and often unprepared. They realize, often too late, that a raw land purchase should be properly investigated, evaluated and negotiated using a logical and rational plan. What We Do To Sell Your Property! Once you have contracted us to sell your property we go to work for you to bring you the most money and best price for your property as quickly as possible. Some properties are faster selling than others based on the location, condition, size, price, of course, and type of the property. Real Estate Investing In Belize Any trip to Belize starts fantasies of owning a beach villa, or a jungle resort. There are a lot of North Americans in this English speaking, former English colony. Escrow From a California Homeowners Perspective The Escrow ProcessBoth Buyer and Seller deserve the assurance that no funds or property will change hands until all of the instructions in the Purchase Contract have been satisfied. The Realtor submits Buyers and Sellers signed documents and Buyer's deposit money to be held by an independent neutral third party (Escrow). Why Real Estate? Five months ago I was faced with a decision to keep doing the same thing that I loved or go and try something different and change my life for the better. Well would you like to know what happened?Maybe next time. Dealing With Difficult Tenants When managing residential properties one bad tenant can often undo the good work that one hundred excellent ones may have achieved. A bad tenant is a bad tenant regardless of whether they are in the West Riding, Western Australia, Westchester, Wanganui or the Western Isles. Moldy Homes are a Great Investment Have you seen this in your classifieds? -"Will pay $$$ for moldy homes. Call 555-555-5555"All you have to do is watch the news and you know about mold problems. One Stop Shop for Buy to Let As the buy to let market continues to go from strength to strength, a unique selling opportunity has been created for landlords looking to dispose of both residential and commercial buy to let property with the ability for transactions to take place directly between landlords.Set up by experienced property investors with an acute understanding of all aspects involved in buying and selling of investment property.
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