Home Warranty Issues
Many home buyers and sellers are not aware of Home Warranties. Essentially, a home seller or home buyer can purchase coverage that usually lasts for the time a home is on the market, and extends out to one year after the closing. Home sellers often buy a home warranty for their house when it goes on the market. It is a good marketing tool and can often make otherwise leary home buyers comfortable buying older homes with older appliances.
Unfortunately, there are limitations to what each home warranty covers and does not cover. Be sure to read the terms carefully. Also, many home warranty companies will deny large claims such as furnaces, and appliances, saying they were a pre-existing condition. Be sure to stand up for yourself if you have a claim, as the companies often deny legitimate claims, hoping to sweep it under the rug. The home warranty company should be able to prove that it was a pre-exiting issue if they are going to deny the home warranty claim as such.
Many homeowners have successfully sued home warranty companies in small claims court; however, make sure that the company is not denying a claim on proper grounds. The home seller or buyer needs to do their due diligence when taking the home warranty policy out. Understand all the terms and coverage and know what you are buying. he warranty is usually not a full coverage warranty on anything that might go wrong with the house.
Home Warranties are a great tool for both buyers and sellers, as long as they are understood correctly. They do offer great protection from many issues that can arise. Home Sellers can offer a home warranty and if the home does not ever sell, they do not have to pay the premium. If an appliance does break during the listing, the home seller is not stuck with an expensive repair when they need maximum cash in the bank for their next home loan. Home Buyers can avoid having a costly repair to a home they just purchased...using all their available cash savings. So, look into home warranties and see if they will offer you what you are looking for. The home warranty business is strong and for good reason. I encourage you to check them out.
Unfortunately, there are limitations to what each home warranty covers and does not cover. Be sure to read the terms carefully. Also, many home warranty companies will deny large claims such as furnaces, and appliances, saying they were a pre-existing condition. Be sure to stand up for yourself if you have a claim, as the companies often deny legitimate claims, hoping to sweep it under the rug. The home warranty company should be able to prove that it was a pre-exiting issue if they are going to deny the home warranty claim as such.
Many homeowners have successfully sued home warranty companies in small claims court; however, make sure that the company is not denying a claim on proper grounds. The home seller or buyer needs to do their due diligence when taking the home warranty policy out. Understand all the terms and coverage and know what you are buying. he warranty is usually not a full coverage warranty on anything that might go wrong with the house.
Home Warranties are a great tool for both buyers and sellers, as long as they are understood correctly. They do offer great protection from many issues that can arise. Home Sellers can offer a home warranty and if the home does not ever sell, they do not have to pay the premium. If an appliance does break during the listing, the home seller is not stuck with an expensive repair when they need maximum cash in the bank for their next home loan. Home Buyers can avoid having a costly repair to a home they just purchased...using all their available cash savings. So, look into home warranties and see if they will offer you what you are looking for. The home warranty business is strong and for good reason. I encourage you to check them out.
