Important takeouts:
A clue report is a record of your property’s claim history. Both buyers and sellers can benefit from understanding cues reports. Reviewing cues reports can help you avoid potential issues and surprises during your real estate transaction.
Whether you want to list homes for sale in Omaha or want more information about the homes you plan to buy in Nashville, understanding the cues reports is important for both home buyers and sellers.
This report provides a detailed history of insurance claims that are readily accessible to sellers but relating to property, providing insight into potential issues and risks. This Redfin article explores what a cue report is, how buyers request it, and other useful information for more transparent and informed real estate transactions.
What is a clue report?
A comprehensive Loss Underwriting Exchange (CLUE) report is a document that contains information about insurance claims related to real estate within the past seven years. This report is used by insurers during the underwriting process to assess risk and determine premiums. It includes details about the date of the claim date, the type of loss, and the amount paid by the insurance company.
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What do the clue reports include?
The date of the claim. Type of loss (for example, flood, theft, fire). The amount paid by the insurance company. The policy number associated with the billing. Property address. Name of the insured upon claim.
Check out the sample cues report here.
When should I ask for a report?
Both buyers and sellers should consider reviewing cued reports. Sellers can actively provide potential buyers to build trust and transparency. Buyers must request a cues report during the due diligence period before completing their home purchase. Available from LexisNexis, the company that maintains the Clue database.
How can you interpret a clue report as a seller and a buyer?
As a seller, you can review real estate clues reports to identify past issues that require addressing before the list. Disclosing your pre-claim in advance will streamline your sales process.
As a buyer, cues reporting provides insight into potential issues with the property. It helps you assess risks and negotiate accordingly. For example, multiple flood claims may suggest repeated plumbing issues that ensure further inspections.
The Redfin agent helps you navigate the analysis of your reports.
Navigating the complexity of cues’ reports can be daunting, whether you’re buying or selling a home. Redfin Real Estate Agents bring local expertise and a deep understanding of real estate transactions to the table. Interpret cued reports, address any concerns that arise, and guide you through the process to ensure a smooth and confident transaction.
FAQ:
Q: What happens if the cues report is inaccurate?
A: If you find inaccuracies, you can challenge them on LexisNexis. Provides support documentation to fix errors.
Q: How far will the clue report be returned?
A: Clues reporting typically includes insurance claims for the past seven years.
Q: Can the clue report affect my premiums?
A: Yes, the claim history in the cue report can affect premiums. Properties with a history of frequent or significant claims can result in a higher premium.
Q: Is it necessary to provide clues reports during real estate transactions?
A: It is beneficial that both parties are not permitted to be notified. Providing or requesting cues reports will increase transparency and confidence.
Q: Where can I get the clue report?
A: You can request a clue report from the LexisNexis Consumer Center.
