I suggest to every investor or potential homebuyer to contact their insurance Agency and/or company BEFORE making an offer on ANY property. They can and should run a CLUE for you. They can use the CLUE and other underwriting factors to determine insurance costs. It is far better to plug KNOWN insurance costs into your pro-forma, then to make an offer, have it accepted, then find out about the 3 water claims that quadruple your insurance rate...
If you’re waiting until after you get this report you will be passing up deals...
Am I the only one who renegotiates after all of my inspections.....
It is so easy, especially once they have told all of their friends and family they have sold and scheduled the moving truck, to, if you find a legitimate issue, lower the price...
[addsig]
I pulled out of a contract - within my contingency - because my insurance agent told me that the house had a recent claim for 25k. That made me ask questions of the homeowner and he told me some story. I asked for the name of the person who completed the repairs. Called the person up and he said that he knew the homeowner, but had never done work for him. Never figured out what was the story , although I suspect it had settling issues, but decided if there was a 25k claim that the homeowner is trying to hide that I would just walk.
I particularly liked Adiel Gorel’s Book:
Remote Control
Real Estate Riches.
I knew nothing about the CLUE Report (or that even existed), thanks for the info!
So Jim
Are you saying we should all "get a Clue"?
Nice thing about this report is that you can compare it to the TDS for accuracy..
Just make sure that you gather the information prior to your due diligence time frame elapses.
Also never remove your inspection contingencies until you receive this report.
Most company’s that do natural hazards are getting in the business of insurance property reporting.
I sound like a broker now dangit….
[addsig]
One more thing pass this report onto your buyer and have them sign a receipt that they received it....
I suggest to every investor or potential homebuyer to contact their insurance Agency and/or company BEFORE making an offer on ANY property. They can and should run a CLUE for you. They can use the CLUE and other underwriting factors to determine insurance costs. It is far better to plug KNOWN insurance costs into your pro-forma, then to make an offer, have it accepted, then find out about the 3 water claims that quadruple your insurance rate...
[addsig]
If you’re waiting until after you get this report you will be passing up deals...
Am I the only one who renegotiates after all of my inspections.....
It is so easy, especially once they have told all of their friends and family they have sold and scheduled the moving truck, to, if you find a legitimate issue, lower the price...
[addsig]
I pulled out of a contract - within my contingency - because my insurance agent told me that the house had a recent claim for 25k. That made me ask questions of the homeowner and he told me some story. I asked for the name of the person who completed the repairs. Called the person up and he said that he knew the homeowner, but had never done work for him. Never figured out what was the story , although I suspect it had settling issues, but decided if there was a 25k claim that the homeowner is trying to hide that I would just walk.