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.
ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
