CLUE – an acronym for Comprehensive Loss Underwriting Exchange – is a national database recording property claims for insurance companies.   All of your property claims to your insurance company are listed and kept for 5 years.  The report shows the date, amount of loss and the type of loss – including claims for mold, water damage & fire damage.   It’s been compared to a credit report on your home.   If an insurer decides that the report indicates a home is too risky he can refuse to insure that home – and without homeowner’s insurance, your buyer cannot obtain a mortgage.

There are some steps you can take to avoid a contract falling through just before a closing.

• Sellers should order a CLUE Report before listing the property. That way you are prepared to deal with the issue and have an opportunity to correct any mistakes on the report.  You can order a report through Choice Trust.
• Even if your home shows up on a CLUE Report, your buyer probably can purchase a homeowner’s insurance policy – but may have to have to do so through an independent insurance agent who has access to numerous policies and the cost may be higher.   As a seller it is better  to request a report ahead of time, consider what options are available to mitigate it – and not take a chance only to lose the sale of your home by “hoping” for the best outcome.

There is an informative article on MSN Money about CLUE Reports and homeowners insurance.  Any questions?  Please contact me at cheryl@liagent.com.

If you wanted to buy a house in the Half Hollow Hills School District, but have been waiting for the “bottom” of the market, now is an opportune time!  You have far more Purchase Power today than last week!  Mortgage rates have  decreased significantly - to historically low rates!  And with the drop in housing prices over the past year, this may be the best time to buy your home in Dix Hills or Melville!

Contact Cheryl at cheryl@liagent.com to arrange an appointment to view the homes that best suit your needs.  You also can search all the listings on MLS – and let Cheryl know which ones you want to see.  Cheryl and her Team live and work in Dix Hills and Melville and have been selling homes in the area for over 20 years.  We offer Buyer Agency as well.  For great advice on Buying a Home check out my Web Site.

After all the dreary news about the housing market in the local newspapers recently, today’s attendance at an open house held in Dix Hills today was a nice surprise!  Expecting the usual 4 to 6 couples I was very pleased when 12 couples showed up!  The best indication of a possible "uptick" in the local market is that all of the attendees are "new to the market".  The fall market is a great time to look at homes for sale.  The weather is beautiful – the properties look great – and the homeowners who put their homes on the market usually are serious sellers – not just testing the market. Want to learn more about buying a home in Dix Hills?  Call Cheryl at 631-549-1993!

If you’ve had your eye on a home to buy and have been waiting for the "best time to buy" – that time may have arrived.  Prices of homes have stopped their upward spiral and have even softened around Long Island.  Now Bankrate reports that fixed mortgage rates are the lowest they’ve been since March 29.  The combination of a lower interest rate and a lower selling price is a "win-win" for homebuyers!   For more information about mortgages and for a mortgage pre-approval click here.

Thinking of buying or selling a home? Then you need to know about CLUE Reports! Insurance companies use a database that tracks claims on homes and homeowners. This Comprehensive Loss Underwriting Exchange Property Database (CLUE) can tell an insurance company if there has been a claim for water damage and the amount of the claim amount. If the insurer decides that the home is too risky he can refuse to insure that home, and without homeowner’s insurance, the purchaser cannot get a loan. For more information about CLUE Reports and how you can obtain a Free Report for your home, you must read this excellent article at MSN Money!.

Thinking of buying or selling a home? Then you need to know about CLUE Reports! Insurance companies use a database that tracks claims on homes and homeowners. This Comprehensive Loss Underwriting Exchange Property Database (CLUE) can tell an insurance company if there has been a claim for water damage and the amount of the claim amount. If the insurer decides that the home is too risky he can refuse to insure that home, and without homeowner’s insurance, the purchaser cannot get a loan. For more information about CLUE Reports and how you can obtain a Free Report for your home, you must read this excellent article at MSN Money !