C.L.U.E. Report

Do you know what a clue report is? C.L.U.E. stands for comprehensive loss, underwriting, the exchange. It doesn’t come from a year real estate company. It doesn’t come from escrow. It does not come from your mortgage company. It comes from your insurance carrier, the person who’s going to handle your homeowners insurance. When you buy a home, the mortgage company is going to make sure that you get homeowners insurance to cover everything. And if you probably cash, you still get homeowners insurance. That insurance company has got to go out and pull this report. And it’s going to let them know if there’s any major claims against the property. In recent years, it could be fire damage. It could be water damage, but if there was a claim against the property, it’s going to show up on that report. I recently did a transaction where my buyer is found this out early on, and were able to get out of there before they spent the money on the appraisal and the home inspection. We knew what was going on. They found the report. It turns out that it made them uncomfortable, the things that they found out. So we got out of that and they bought another property. But the clue report is key. 

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