Welcome to class at HomeSelling101 today on home buying and home selling home warranties!
If you’re a home buyer or selling your home you need to know many sellers offer a “Home Buyer Home Warranty” included in the negotiated purchase of a home. In the event it’s not included, home warranties are also available for purchase from the buying side.
Home buyer home warranties are basically a one-year contract, regardless of who pays, (the buyer or the seller) for a period of time, typically written for one year from the close of escrow. Most policies are usually renewable at the end of the initial period of time at the option of home buyers, I’ve used them and renewed them myself.
Like any contract/policy, it’s important to know what’s covered…and what’s not, because not all policies are the same. Most policies cover the the working components of a home, for example:
- Built-in appliances
- Air Conditioning
Optional items include:
- Roof coverage
- Washer & Dryer
The items listed above are just a few things to consider when deciding on a home warranty for your sale/purchase. Your REALTOR can also provide you with information from the different companies that are available. The “customer service” side can also make a difference.
It’s also critical to know policies WILL NOT cover pre-existing conditions! Meaning if an item is identified in the property inspection report as being in-operable/defective, do not expect coverage from the policy contract. It’s similar to applying for health insurance with a “pre-existing” health issue.
While you’re here check out some of my other 2-Minute Real Estate Videos!
- Real Estate Contract Know How
- Home Buying in an Association
- Short Sale Do’s & Dont’s
- Home Buying Home Waranties
- So Cal Probate Home Sales
- Why Choose a CRS=Certified Residential Specialist?
So if you’re looking for home buying or selling help, contact me Lynda@PreferredHomeBrokers.com & be sure to subscribe to my blog and share it with a friend!