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 Get a CLUE to avoid home buying surprises
Buyers may not be aware that there is a tool available to assist them in avoiding nasty surprises following the close of a deal. It is called a CLUE report and is offered by a company named ChoicePoint Asset. CLUE is an acronym for the words Comprehensive Loss Underwriting Exchange history.


Insurance companies submit information regarding claims to the CLUE database. The report includes the dates of the claims, the type of claim that it is, and the amount that was paid for the claim. A report that indicates no losses on a home can help build the buyer's confidence in their purchase. Some examples of claims may include fire, a flood, or storm damage.

If the report does indeed show a claim, the buyer will then have the opportunity to more closely examine the area of the property that was reported as damaged. If the report states that another party has filed a claim relating to water damage or mold, then the buyer might be prompted to pass on the home all together. Claims which involve the presence of mold can hinder a home owner's chances of obtaining a homeowner insurance policy. In this case, if insurance can be obtained, it could prove to be very costly.

Buyers should work with their agents to have the seller obtain a CLUE report for the property that they are wanting to purchase. This report is a great tool for offering buyers additional peace of mind during an otherwise complicated and potentially stressful business transaction.

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