Today’s Daily Herald had a good suggestion that I’m going to pass along to my home buyers. In his article, “Buyers, sellers alike should get a ‘clue’ when pondering a home sale“, real estate columnist David Myers responded to a question about making an offer on a home contingent on receiving an acceptable C.L.U.E. (Comprehensive Loss Underwriting Exchange) Home Seller’s Disclosure Report. The report lists losses for which insurance claims were filed during the past 5 years for a specific address. David answered that it would be “a smart contingency to include in your purchase offer.”
One IL real estate attorney I asked hadn’t seen such a contingency in offers, but thought it would be valuable. Another real estate attorney, Tom Sammons, said he’d seen it a few times and thought it was a “wise idea”.
I do need to correct one point in David’s article. He replied to the buyers asking about the contingency that they could order a report. Only the property owners can order C.L.U.E. Reports for their homes.
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