WHY WE PLACE A ONE YEAR HOME WARRANTY ON ALL RESALE HOMES WE SELL.
Because it protects the home buyer from unexpected repair costs when appliances, plumbing, electrical, heating or cooling systems fail following settlement.
Over the years our home buyers have had repaired or replaced – -
Water Heater (replaced)
Air Conditioner condenser (two year old system
Air Conditioner (10 year old system)
Heat Pump (Replaced)
Heat Pump (Repaired)
Plumbing leak in toilet drain
Swimming Pool Circulating Motor
Refrigerator Ice Maker
Refrigerator Mother Board Control
When the home buyer’s newly purchased home is covered by a warranty at settlement, they can sleep at night knowing that in case of an emergency failure in their home, they have an 800# to call for help.
Making sure our home buyers are protected has been our practice since 1994 when I left the mega brokerage and was free to pay for the warranty myself if the seller didn’t agree to pay.
This practice was especially helpful during the years 2004 through 2006 when sellers were rarely willing to pay for the warranty.
Another reason every resale home is covered by the warranty??
Since a large percentage of lawsuits by home buyers following settlement are related to property defects, the Home Warranty is the real estate broker’s first line of defense.
If the new owner can get repairs made with little cost to themselves, litigation can be avoided.
This is good risk reduction for the listing agent, the buyer’s agent, the seller and, of course, THE HOME BUYER.
Caution to agents. The Home Warranty is not to be used for items discovered in a home inspection. The home warranty company assumes that the property is in good condition AS OF THE DATE OF SETTLEMENT.
Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988. Serving home buyers in Maryland and Northern Virginia.