Home Buyers Should Really Get A CLUE

Home Buyers Should Really Get A CLUE

As full-time real estate professionals, EXIT Cornerstone Realty agents always advise our clients not only to inspect the physical property, well, & septic (as allowed by the home inspection contingency), but to also recommend requesting other information about the property that will assist our clients in their decision-making process. 

Since Virginia is a "caveat emptor" state, the law advises the purchaser "to exercise whatever due diligence purchaser deems necessary including a certified home inspection...prior to settlement.Part of this "due diligence" can also research the insurance history of the home and whether any insurance claims have been made. 

As a buyer, do you think it would be important to know if there was a fire or flood in the home?  Might this further trigger questions about whether the damage was corrected properly and professionally.  In the case of a plumbing issue, could it have been caused by improper installation by the owner?  How about a fire...if a basement was finished without permits, how would anyone know if the electrical was installed properly?

Information mega-giant LexisNexis provides the insurance industry with a report that a buyer can find very valuable when purchasing a home.  Known as a C.L.U.E Home Sellers Report is designed to "provide a five-year insurance loss history." This report is not only helpful for your buyer, but as a listing agent, it is a great way to further your seller's best interests and put potential buyers at ease, not only about the condition of the property, but to the "insurability" of it.

Think about it this way...when you purchase a car, an intrepid buyer typically asks for maintenance records.  A really savvy buyer will also ask for a Carfax vehicle history report to see if there were any accidents, damage claims, major repairs, usage, etc. If car buyers are willing to shell out $50 for a Carfax report, why don't purchasers request this for what could be the most expensive and important purchase of their life??

So the next time you're in the process of selling or buying, get a CLUE!

Mike Butters Headshot
Phone: 540-718-6609
Dated: May 26th 2017
Views: 678
About Mike: Mike is one of the owners and Associate Broker of EXIT Cornerstone Realty, located in Culpeper Virgi...

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