Karen Roach

Really asking that question is not fair because most people don't know what CLUE stands for....it is a Comprehensive Loss Underwriting Exchange used by insurance companies. Basically it is a credit report for a house. The report examines all claims reported to an insurance company for any given property. The report will show the date, type and amount of the loss. Some examples of a loss would be fire, water damage, storm damage, and mold. Insurance companies want to know it all and the history of a property is just as important as your credit history!

Why would you need to obtain a CLUE report if you are selling your house? Previous claims made on your property can affect a potential buyer's insurance premiums or the ability to insure the house, which can make the house difficult to sell. Also, as a seller ordering a CLUE report will let potential buyers know the house has been damage free and insurance coverage should not be difficult to obtain.

If you are a buyer do you have a clue whether the property you are thinking about purchasing has suffered damage? A CLUE report will provide you as a buyer with valuable information about losses associated with the property. This information will assist you in making a more informed decision when making an offer, but can only be obtained through the homeowner. Therefore, the potential buyer will either need to ask the seller for the report or have it written in the sells contract as a contingency.

Whether you are a buyer or a seller a CLUE report is one piece of information you might want to get your hands on. Then you will have a clue as to whether the property you are buying or selling has an insurance claim history.

10 Mistakes buyers make when purchasing a home

As we all know, the housing market has been in turmoil and has adversely affected our overall economy. However, lawmakers have worked to put in a plan to help revitalize this sector of our economy. Additionally, the election is now behind us. The housing sector is poised for a slow but systematic recovery. Therefore, now is the time to buy and her are 10 mistakes to avoid when buying a home:

•1. Making an offer on a home without being prequalified. This is one of the first steps in the home buying process. So get prequalified by speaking to a lender.

2. Not having a home inspection. A qualified home inspector will detect problems that many buyers will overlook.

•3. Limiting your search to open houses, ads or the internet. A buyer's best course of action is to contact a Realtor. They have up to date information that is unavailable to the general public and are the best resource to help a buyer find the home that is right for them.

•4. Choosing a real estate agent who is not committed to forming a strong business relationship with you. Choosing a professional Realtor is crucial. Choose one that is dedicated to serving your needs before, during and after the sale.

•5. Thinking there is only one perfect house out there. New properties arrive on the market daily. Buying a home is a process of elimination, not selection. Also, ask your Realtor for a CMA (comparative market analysis)

•6. Not considering long-term needs. A buyer needs to think if this home will suit their needs 3-5 years from now.

•7. Not examining insurance issues. Consult an insurance agent who can provide you with answers to any concerns that you may have. Always purchase adequate insurance.

•8. Not buying a home protection plan. This is a policy that usually covers basic repairs that many occur and can be purchased for a nominal fee.

•9. Not knowing total costs involved. Early on in the buying process, ask your Realtor or lender to estimate the closing cost fees. Always examine your settlement statement prior to closing.

•10. Not following through on due diligence. Ask important questions prior to making an offer on a home. Be diligent and that will provide confidence in your purchase.

Everyone talks about the real estate market. Is it a buyers or a seller's market? When one is going through a divorce the real estate related to the divorce is not driven by the market, it is driven by necessity.

The national divorce rate is between 40%-50% and the family home remains one of the most valuable assets and most of the time must be sold.

As a RCS-D REALTOR^® , RCS-D stands for Real Estate Collaborative Specialist-Divorce, I not only help people buy and sell homes as a REALTOR^®. I assist people that are going through a divorce by providing them more information earlier. Mistakes in divorce real estate are preventable during the divorce but are often not fixable after the divorce is final.

I am trained to obtain more information earlier on in the divorce process. The result is actual equity based on more evidence of house value. For example the condition from a home inspection and a title search which should be conducted prior to any property settlement, any mediation and or trial.

Because the value of a home is not appraisal minus mortgage, I provide divorcing homeowners with accurate evidence of house value for informed disposition of the martial home during divorce. As a result I help preserve more house equity which can potentially grow the martial estate. The best approach to divorce real estate is more information earlier.

New legislation provides a tax credit of as much as $7,500 for first-time home buyers. Time is of the essence for buyers who want to take advantage of this wonderful opportunity. This tax credit is only for homes purchased on or after April 9, 2008 and before July 1, 2009. Let's go over some frequently asked questions regarding the tax credit.

Who is eligible to claim the $7,500 tax credit? First -time home buyers who purchase any type of home whether it be new construction or a re-sell. The home must be purchased between the dates mentioned above. For purposes of the tax credit, the purchase date is the date when the closing takes place.

What types of homes will qualify for the tax credit? Any home purchased by an eligible first-time buyer can qualify for the credit, but the home has to be used as a principal residence and the buyer could not have owned a home in the last three years.

Does the credit have to be repaid and is there any interest? The tax credit must be repaid and it is treated like a zero-interest loan. The credit can be repaid over a 15 year period.

This credit is a wonderful opportunity for first-time home buyers to take advantage of a buyer's market.