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In most states, you purchase title insurance to ensure you are not also buying the responsibility for earlier liens against the property. In a finite few states, you pay to have an abstract search to do the same. The one thing most buyers of homes for sale never think of or do is to check the insurance claims history of potential homes for sale. This could be a crucial mistake.

Insurance companies share information with each other. They use the Comprehensive Loss Underwriting Exchange (CLUE), which is a huge database of information. CLUE holds the dates, type of loss, and amount paid on claims to previous owners of your potential homes for sale for the past five years. Information contained in CLUE could very well mean higher homeowners insurance premiums or no coverage at all for particular homes for sale.

For example, previous homes for sale water damage claims are red lights for insurers, because such problems eventually may lead to expensive claims of toxic mold. In California, alone, there have been substantial toxic mold claims over the past ten years. Some fairly new homes had to be completely demolished — very costly to those insurers. Historically, insurance companies have found that toxic mold damage is generally caused by previous water damage that was not adequately repaired. Therefore, when insurers see a previous water damage claim, they are apt to not decline coverage or cancel your policy within the first 60 days grace period for the insurer — even though the claims happened before you owned the homes for sale.

Water damage is only one of many damage claims insurers look for when underwriting your potential homes for sale. They will evaluate all of the homes for sale claims history to determine if the potential homes for sale is a disaster just waiting to happen.

Since current homeowners have a motive to present their homes for sale as perfect, it will not do much good to directly ask them about previous claims. Also, they may not know the history of the homes for sale before they purchased it. Unfortunately, only a homeowner may order a report from CLUE, called the Home Seller’s Disclosure Report. An insurer will not order information from CLUE until you sign an insurance contract and it goes into underwriting, which you cannot do until you have signed a purchase contract for the homes for sale. You can, however, have your realtor put a contingency clause in any homes for sale offer you make that stipulates the sale may be cancelled if a negative CLUE report is received.

If you are a seller of a home for sale, getting a CLUE report before putting the property on the market is a good idea. As in any report, errors can be made (just think about all of the errors people find in their credit reports). Ordering a report early means you can catch any errors and get them corrected. A CLUE report can be ordered from ChoiceTrust.com, which also tells you how to correct report errors. Also, locate all of the receipts for repairs from all insurance claims you made, proving to the buyer’s insurer that the problems no longer exist. For previous claims such as water damage, you may even pay for a pre-inspection to ensure the problem was adequately repaired and no future claim will result.

Finally, buyers should begin shopping for homeowners insurance immediately after signing the purchase contract. Not only is it required to be in place at closing by homes for sale lenders, but also there always is the chance you may be rejected by the first chosen insurer and will need time to find another insurer.

So, discuss with your realtor a contingency clause in any offer you make for a homes for sale before he/she begins showing you homes, and plan to begin looking for an insurer immediately after signing the purchase contract.

It used to be that both men and women waited to become first-time homebuyers until they married. They rented or lived at home with parents until Mr. or Ms. Right was found.

Today, according to the National Association of Realtors, one in every four home real estate purchases are made by singles, with single women outnumbering the men by two-to-one. The cause is thought to be that many single men in their 20s or early 30s continue to live with their parents until marriage, while single women are more apt to move into rental real estate with friends after college. Additionally, women are marrying later in life, attaining higher educational degrees, and spending more time to establish their careers. This provides them more available financial resources to purchase their own real estate and move into a place of their own.

My daughter did this in her early 30s. A successful web designer in West Palm Beach, Florida, she decided that she was wasting her money renting and wanted something that was hers. As with most single renters, she purchased a condo (townhouses are another good alternative for previous apartment dwellers). Though it was a big step and a huge commitment, she has a sense of security, satisfaction and accomplishment that cannot be found through renting.

Some Benefits of Renting

After renting for several years, many singles become frustrated with their dollars going into someone else’s pockets with nothing to show for it. They dislike not being able to decorate as they wish or sharing space with roommates.

For some locations and personal situations, however, renting may be the best and cheapest alternative. You do not pay for repairs, maintenance or property taxes. You have more flexibility to move when you wish, without being concerned with first selling your real estate. So, if you are considering buying residential real estate, compare your options carefully before making a commitment.

Homeownership Benefits Are Many

Owners of real estate attain many benefits. There are numerous real estate deductions at tax time on both federal and state income taxes, especially if you purchased your home real estate within the tax year. (See my article at this web site, titled “Real Estate Tax Breaks for Your Home” for more benefits of homeownership.) Because it is your home, you can make more permanent changes through renovations and decorating. Additionally, your investment generally increases in value and you accumulate equity that can be borrowed against in the future for necessities, such as the purchase of a car or that vacation of which you always dreamed.

Though buying real estate before marriage is a big commitment, more and more singles are doing just that and finding the move much more rewarding than renting.

John Harris is an expert researcher and writer on real estate topics such as economics, credit improvement tips, home selling advice and home buying preparations. For more on San Diego Homes for Sale visit http://www.twtrealestate.comArticle Source: http://EzineArticles.com/?expert=J_Harris

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