Do you have a C.L.U.E!

Lead- paint, mold, and asbestos raise red flags to agents and their buyers but, do you know what a CLUE Report is?

CLUE — an acronym for Comprehensive Loss Underwriting Exchange — is a national insurance industry database with more than 40 million personal property claims. A CLUE report is the equivalent of a credit report for a house, which examines all claims reported to the insurance company for a given property over a five-year period, including water damage, fires, and mold. Reports show the date of loss, type of loss, and amounts paid out.

You can order a report online through ChoiceTrust,a unit of Alpharetta, Ga.-based data provider ChoicePoint Asset Co.  Under the Fair and Accurate Credit Transactions Act of 2003, property owners can order one free report every year. 

The Clue report can be used to warn buyers of a home’s potential pit falls but, it can also be a wonderful selling point if the CLUE report is clean.   Let KJ Premier help you get a CLUE when it comes to buying or selling your home.  Contact us at kjpremier@atproperties.com

 

 

 

Step By Step For First-time Home Buyers

If you are a first-time home buyer…this is the time to buy!  Buying your first home is one of the smartest and most exciting financial investments of your life but, it can also be a very overwhelming process.  Below are several steps you need to take to ease the unnecessary pressures. 

Step 1: Finding a home and entering into a contract

What to do and who to contact

• Choose The KJ Premier Team as your trusted adviser in the home buying process.
• Apply for a mortgage and obtain pre-approval for a loan from a mortgage broker.  The KJ Premier Team has several reputable mortgage brokers that we can match you up with.
• Begin looking for your new home with our help.
• We will educate you in the home buying process and ultimately help you submit an offer to purchase your new home.
• The KJ Premier Team of Realtors will skillfully negotiate the purchase price. 

Step 2:  Once the contract has been accepted by the seller

• At this time you will need to retain a Real Estate Attorney.  Again, we can refer you to a reputable Real Estate Attorney.
• You will need to have a professional home inspection conducted on the property.  KJ Premier can provide you a list of recommended home inspectors to contact.
• Your chosen attorney will finalize the contract and negotiate any repair issues.
• In Chicago, once the attorney review period is over the seller will increase the earnest money to the agreed upon final amount.  In the suburbs, usually there is only an initial earnest money that is held by the selling agent’s broker once the contract is accepted and signed.
• Your chosen mortgage broker will arrange for a home appraisal by the lender.
• Once the home appraisal is completed the mortgage broker will complete the loan application and submit it to the lender for a final approval and to obtain a commitment letter from the lender.
• The seller’s attorney will schedule the closing.
• You are responsible for obtaining Homeowner’s Insurance for the property that you are purchasing.  A lender will not close on a property that is not insured.
• A day or two before the closing you and your agent will conduct a final walk-through of the property.
• Your attorney will find out the amount of money you will need to bring to closing and you will need to obtain a certified check for this amount.
• At the closing your attorney will explain all of the closing papers that you will be signing. Your KJ Premier Real Estate agent will be there to make sure that the closing runs smoothly.

The KJ Premier Real Estate and Home Services Team will help you throughout the entire process.  We will make your first time buying a home a smooth and enjoyable experience.  Contact us at kjpremier@atproperties.com for further questions about taking the next step in your home buying journey.