What You Need to Know About CLUE Reports

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Here’s everything you need to know about CLUE reports.

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What is a CLUE report? Today I’m joined by insurance expert Chris Monaghan to answer that question and more. CLUE stands for Comprehensive Loss Underwriting Exchange, and this report is a valuable resource used in the insurance industry to assess homeowners insurance risk. It shows the lost history of a property and the associated owner. 

 

What is a CLUE Report?

  • CLUE stands for Comprehensive Loss Underwriting Exchange
  • It provides a glimpse into the past claims history for a specific property and individual
  • Weather related claims, fires, flooding, theft, etc.

 

Feel free to watch the video above to learn all you need to know about this topic or use these timestamps to skip ahead to various sections at your leisure:

1:25—Why should a buyer get a CLUE report?

2:07—A property can carry a CLUE report for something that has nothing to do with the seller’s disclosure 

3:17—How far back can claims go? How can you request a CLUE report?

4:04—What will you find on a CLUE report? Can claims be made on a property and not show up in a CLUE report?

4:37—Other valuable CLUE report tidbits 

5:41—Why would a CLUE report be important for a seller?

 

How You Can Use the CLUE

  • Gives a buyer some insight into the home’s history
  • Match the CLUE with the Seller’s Disclosure
  • Can provide additional negotiation opportunities

 

How Insurance Uses the CLUE

  • Helps determine insurability of a property
  • Is a component in th premium calculations
  • Aids in deciding if an individual is a good risk

 

6:27—How to contact Chris 

6:59—Wrapping things up 

As always, if you have questions about this or any real estate topic, don’t hesitate to reach out to me. I’m happy to help.

What Is Forbearance?

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A short question and answer session all about matters of forbearance.

 

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Today I’m joined by Chad Whistler whose been handling mortgages since 1998. In today’s short question and answer session, I’m asking Chad all about forbearance:

What is forbearance?

Forbearance is a temporary postponement of your current mortgage payment. Your lender has to approve of this so you can put your payments on hold until you’re able to afford them again. 

Why might it be a good idea to get a forbearance on a mortgage?

If you’re struggling financially, forbearance gives you the chance to get back on track. The lender is required to allow it for up to six months, then extend it six months if needed so you have up to a year of postponed payments. 

5.9 percent of mortgages across the country were in a state of delinquency per COreLogic

Is there a risk to forbearance?

The negative side is that you’re extending the time period of your loan. If you’re working toward paying off your loan, it could be an issue. Placing payments on hold means you may have trouble getting financing in the future. For example, if you want to sell your home and buy a new one, you might not get approved for a loan. If you’re in deferment, you cannot obtain a new mortgage. 

To qualify for a new loan or refinance, you must be out of deferment and have had three on-time monthly payments in a row. The “rule of three” is crucial. 

You should also know that some lenders require you to pay all your deferred payments at the end of your forbearance period in a lump sum. Speak to either Chad or me so we can guide you through matters of forbearance.

If you want to discuss your options for free, email Chad at [email protected] or call him directly at (248) 840-9559.

If you want to discuss forbearance or anything else with me or my team (also for free), give us a call at 866-696-8447. We’re here to add value and connect you with a top real estate agent anywhere in the world if you need them. We’d love to help with whatever you need.

If you’re thinking about selling your home and want more money from your sale in less time, reach out and give us a call. We’re here to help add value to your transaction.

Q: How Is Our Ann Arbor Real Estate Market?

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Here are the key indicators of our Ann Arbor market.

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How is our Ann Arbor real estate market?

Unlike stock markets, which are reported in real time globally, real estate is hyperlocal and usually reported daily. A true real estate professional visits properties and studies the market inside and out, unlike Zillow. The Toth Team Worldwide Network can predict demand and pricing based on five key indicators:

1. Volume of active listings. When there are fewer homes available for sale, prices rise because there is more demand.

 

2. Median sales price. This price rises when there is limited inventory.

3. Time on market. If the average listing’s stay on the market is low, that means demand is high. Currently, some properties are flying off the market—faster than a witch on a broom! If you’re a buyer, choose an agent with insider access to homes so you can see them before they hit the market.

“Be mindful that top professionals have proven clauses to protect you and give you options.”

 

4.  Ratio of active-to-pending listings. When the number of pending listings exceeds active listings, you know you’re in a red-hot market.

5. Sales price vs. list price. If the average sales price matches the average list price, demand is up, and you’ll likely see multiple-offer situations abound. When these two prices match, it means sellers are getting 100% of what they’re asking for. In our market, if a home’s sale extra cash to closing. price surpasses its list price (or appraised value), the lender won’t allow the buyer to pay unless they dip into their own bank account or cryptocurrency and bring that extra cash to closing.

Every subdivision has subset home valuations, so seek the guidance of a real estate team such as ours to avoid overpricing or overpaying. Also, ask for our unique absorption rates, which are already calculated and analyzed for you. Be mindful that top professionals have proven clauses to protect you and give you options.

If you have any real estate questions or are thinking of moving locally or globally, we’re happy to help you connect with a top agent anywhere in the world. We’re on standby to assist with your real estate needs safely, so don’t hesitate to give us a call. In the words of 107one’s Martin Bandyke, “Start packing!”   

Q: How Do You Prepare Your Furnace for the Winter?

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Winter is coming—how should you prepare your furnace?

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Joining me today is Eric Kruger of Koch & White Heating to help me share some tips on how to service your furnace before the upcoming cold season:

  • Check the air filter. A four-inch air filter on the type of furnace in the video above typically lasts about six months. A one-inch filter lasts between 30 and 90 days. Regardless, be sure to check the filter every 30 days and replace it as needed.
  • Check the humidifier. To keep it working optimally, check and replace your humidifier pad yearly. Koch & White can provide those services and more.
  • Keep all registers open. A key issue with household airflow is having furniture sitting on a register, so be sure to keep them all open for better efficiency.
  • Start the furnace before the season. In the fall it can get chilly, but you don’t really need the heat on. However, you don’t know if the furnace will work until you run it, so starting it early to check will save you the trouble of having it repaired when it really does get cold enough to turn it on.

Hopefully, these tips from Koch & White Heating were helpful. They service all of Washington County, so if you need to get in touch with them, call (734) 663-0204 or visit www.Koch-White.com.

If you have any other real estate questions, don’t hesitate to reach out to the Toth Team Worldwide Network. We’re here to serve you!

Our Sincere Promise to You

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What is our promise to you as our client? Find out here.

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We want to thank you for buying or selling your home with our team! Our promise is simple: To communicate with you to ensure you have the best experience with your transaction. We always hope that our clients experience wonderful service during and after the buying or selling of a house. We hope we have lived up to those expectations. 

Over the coming years, as your homeownership needs or those of your friends and family change, we would like to make sure all of you have the same excellent real estate experience. So please remember: The best compliment you can give us is to recommend our team and services to your family, friends, or coworkers, even if they live in another country. We would be grateful to work with you again or anyone you know who is looking to buy or sell a property. 

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Our promise is simple: To communicate with you to ensure you have the best experience with your transaction.

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To make this easy, just call, text, or email us with a name and contact information. We’ll take it from there; it’s that simple. We are honored to have earned your five-star reviews and referrals. We promise to deliver the same or better experience in the future. 

We thank you for being a part of our real estate family! 

To see all our team members give our promise (and see some of our family and pets), watch the video above. 

If you ever have any questions concerning real estate, reach out to us. We would be more than happy to help you.

Q: Should You Believe These COVID-19 Real Estate Myths?

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Here’s the truth behind five common real estate myths in the age of COVID-19.

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COVID-19 has impacted nearly every industry in America and the real estate market has experienced a series of notable changes. Here are the five most common real estate myths that I’ve been hearing from clients, along with what you should know about each:

1. There is less competition with buying a home. You may be inclined to think that with so many people forced to stay at home and put major life changes on hold, buying a home is a less competitive experience. However, with motivating factors such as lower interest rates, there has been an increase in buyer demand. Buyers who are shopping for homes are more likely financially secure and able to make strong offers. We have a lot of multiple offer situations. Many current homeowners are also looking to capitalize on low interest rates for mortgages and opting to refinance. This has overwhelmed lenders and increased the average closing time. I recommend getting pre-approved before home shopping to have a clear idea of what you can afford. It can help your offer stand out, and many sellers are requiring pre-approvals before allowing showings.

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As long as there is demand for homes, prices will remain stable.

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2. People aren’t selling their homes during a pandemic. While recent data suggests that 77% of potential sellers are planning to sell their properties once stay-at-home orders are lifted, many people are not waiting. With safer self-service options available, more sellers have re-entered the market. Realtor.com has found that our inventory shortage has declined and is improving dramatically.

3. The economy and real estate market are going to crash. While we don’t yet know the full effects of the crisis, it’s clear that the real estate market is in a much better place than it was in 2008 because of strong equity positions. It’s common practice for today’s homebuyers to put 20% down so they immediately have equity built up in their investment. That way, even if they have to sell quickly because of an emergency, they would likely still walk away with cash in their pockets.

4. Home prices have dropped dramatically. Although I’ve heard a lot of conversation about buyers waiting for prices to drop, it hasn’t been the case, and expecting to see a dramatic change isn’t realistic. People always need homes to live in and as long as there is demand, prices will remain stable or increase slightly. Overall, whether prices increase or decrease will vary market to market, but I don’t predict a drastic change.

5. It’s unwise to buy a home without visiting it in person. It may seem strange to think about buying a home without ever stepping inside, but technology has allowed us to get a sense of space in a home without being there and with health and safety top of mind for homebuyers, the real estate industry has innovative ways to visit through Facebook, Zoom chats, and other digital visits. More people are taking online tours.

If you have any questions for us about what’s really going on in the market or about real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you.

A Message to Our Clients Regarding COVID-19

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What a crazy Spring it has been!

Our main concern is the health and wellbeing of our staff and clients. Thus, we are adhering to the CDC’s recommendations regarding social distancing and other precautions.

For all of our clients, it means we are prequalifying in a much different way by:

• Asking all parties if they have traveled prior to making an appointment

• Asking if they have had any illness or symptoms before we meet with them or show any homes

• Asking buyers to limit showings to a group of two

• All parties entering shall wear gloves, masks, and booties to minimize contact and  maintain distance  – complying with legal requirements.

• Asking the sellers to turn lights on & leave them on so this limits touching switches, etc.

• Disinfecting the office once a day so staff can work in a safe environment

• Conducting our team meetings & trainings virtually so the number of employees at the office is limited

• Offering all virtual tours online (our agents are happy to do a video prior to a personal showing)

• Reminding clients that closings will take longer as lenders are having issues keeping up due to refinances. We now have a limited number of appraisers wanting to continue to go in & out of homes across the country. Many offices are currently limiting their staffing

• Conducting most closings digitally at the client’s request (See more about Your Virtual Home Buying Process below.)

We are not sticking our head in the sand, but we are also not creating panic

Housing – buying, selling, and renting – is still a necessity. We still have clients who are moving to or from our market area. Despite all of the uncertainty, real estate as a whole is one industry that has not experienced a 30% drop.

Additionally, given that the real estate industry as a whole was much stronger at the onset of our current crisis than before the 2008 recession, we will emerge from this economic downturn stronger. Interest rates are at historic lows. There are still plenty of buyers looking to purchase. Until the government mandates a temporary cessation of business, we are 100% operational.

That said, we have seen a slowdown. This will likely continue for our industry, as well as other sectors of the economy. But, we will continue to support small businesses and our community to the best of our ability.

Please reach out to us with questions, concerns, or any needs that you might have.

Together, we will arise from this crisis stronger.

See below for more resources to help you through this time.

Resources:

SBA– Offering very low rates for businesses now in need

United Way (Washtenaw County)

Extensions For Tax Payments

Deferment on Student Loan Payments

Government Monies for Those Who Qualify

National Mortgage Payment Relief Efforts

 

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Together, we will arise from this crisis stronger

”

 

If you have any other real estate-related questions, feel free to reach out to our team via phone or email. We look forward to serving you.

How to Ensure Your AC Works When You Need It

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Air conditioning season is coming up—what do you need to do to prepare?

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Today’s guest, Eric Kreuger from Koch & White, is an expert in all things air conditioning. Koch & White has serviced all of Washtenaw County since 1934. He joined me to give you some tips on how to make sure your AC unit works when you need it to—the summer will be here before you know it!

 

  • Check your air filters. Depending on what type of air filter you have, it’ll last anywhere from 30 to 90 days—some even up to six months. Eric recommends checking your filters every 30 days and replacing them as needed.
  • Check your outdoor condenser coils. Make sure that the top of the unit is clear and that there’s no cottonwood, maple tree helicopters, or debris in the coil. If there is, it can be very carefully washed with a hose. Koch & White can provide not only minimal maintenance and cleaning services, but also full-service coverage for the year.

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Get the testing and charging of an outdoor condenser done before you truly need it to save yourself time and discomfort.

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  • Give your condenser a two-foot clearance. Keep shrubs and weeds from growing too close to it so that the maximal amount of air can flow through it and your unit can operate at full capacity.
  • Start the AC before the season begins. When the weather reaches 60 degrees consistently, turn on the unit to make sure it operates. That way, you don’t have to scramble during the hot seasons to get it to work; get the testing and charging of an outdoor condenser done before you truly need it to save yourself time and discomfort.

 

For more tips and access to Koch & White’s experience and resources, call (734) 663-0204 or visit www.koch-white.com. 

For your real estate needs, reach out to your real estate experts at the Toth Team Worldwide Network. We’re here to serve.

How to Avoid Making Service Calls With Simple Fixes

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If your HVAC system is on the fritz, here are a few things you should check on before you make that dreaded service call.

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Today I’m joined once again with Eric Kruger from Koch & White, who is here to discuss what homeowners can do to avoid having to make service calls for the HVAC system in their homes. It stinks to make that service call, only to find out that it was something very simple you could have remedied on your own.

The first thing to do is to check your power supply on your furnace and make sure your breakers are on. For the heating end of the system, obstructed vent piping could also cause a problem if snow or leaves got in there. Those are both easy fixes for which you don’t need to make a service call.

If you’re out in a rural area, an empty propane tank will shut the furnace down. Homeowners with natural gas won’t have that problem, though.

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Make sure to check your air filter every single month.

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Finally, check your air filter every month. A plugged-up air filter is another cause of HVAC issues that can be easily fixed.

If you have any questions for Eric or Koch & White about what’s going on with your furnace or A/C system, give them a call at (734) 663-0202 or visit their website.

If you have any other real estate-related questions, feel free to reach out to our team via phone or email. We look forward to serving you.

The Most Important Stats From Our 2019 Market

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Here are the key market statistics from 2019 from the Ann Arbor Board of REALTORS®.

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What happened in the real estate market in 2019?

The ups and downs of our market are much like the ski hills of Vail, Colorado, where we’re filming today’s video. After going over last year’s data from the Ann Arbor Board of REALTORS®, the most important number we found was the average sales price for single-family homes, which rose 4% compared to 2018. The average sales price for condominiums, meanwhile, rose 1%.

Year over year, the average days on market for single-family homes rose from 35 to 37 days, and the average for condominiums rose from 28 to 43 days. Sometimes when you see the average days on market lengthen, it’s an early indication that a shift is coming.

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When looking at the real estate market, it’s important

to know what’s happening in your price range.

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Another year-over-year number to keep in mind is the total number of new residential listings, which rose 1%. This is a good sign, as it implies that we’re moving toward a more balanced market.

When looking at the real estate market, it’s important to know what’s happening in your price range. If you want to know the average days on market and absorption rate of every market segment, give us a call or check out the full statistics we’ve provided in today’s video:

Market Snapshot

Ann Arbor Market Stats

Market Timing & Data

If you’d like a live property review, feel free to reach out to us as well. Online home valuations don’t know what’s inside your house, but we’d be happy to check it out for you. We can also help you with tax planning, trust planning, or preparing your home to sell.