AGENTS: MAKE SURE THAT EVERY HOME BUYER HAS A ONE YEAR HOME WARRANTY - BEST BUSINESS PRACTICES.

Reblogger Kathy Toth
Real Estate Agent with Ann Arbor Market Center Keller Williams 242301

We negotiate a home warranty for our buyer clients as explained below.  When I bought our house, we were told by the agent to not use all our money on htpurchase in case something happened and we needed a new furnace!  This could have helpted us out.

Original content by Lenn Harley 303829;0225082372

AGENTS:  MAKE SURE THAT EVERY HOME BUYER HAS A ONE YEAR HOME WARRENTY - BEST BUSINESS PRACTICES.

BUYERS:  WHY YOU WANT A HOME WARRANTY FOR YOUR NEWLY PURCHASED HOME.

SELLERS:  WHY YOU WANT TO MAKE SURE THE BUYER IS COVERED BY A ONE YEAR HOME WARRANTY.

LISTING AGENTS:  WHY YOU WANT TO MAKE SURE THE BUYER IS COVERED BY A ONE YEAR HOME WARRANTY.

FOR BUYERS:  BECAUSE YOU ARE SPECIAL, we want your home buying experience to be a good memory. To that end, we provide, at no cost to you, a one year home warranty on all resale homes we sell. New homes have a different warranty and we'll make sure that is in order also. We know that real estate is an expensive purchase and we want your first year of home ownership to be worry free. Depending on the price of your home, presence of a pool, well, this warranty program has a value of from about $400.00 to about $600.00.  However, we believe that your peace of mind (and ours) is worth it.

WHAT IS THE HOME WARRANTY?

The home warranty is a service contract, like an insurance policy, lasting one year and renewable by you, which provides repair or replacement of major systems and appliance failures during normal wear and tear.

WHAT SYSTEMS ARE COVERED?

The basic coverage we buy for you provides repair or replacement during the first year of ownership of the home heating, plumbing, electrical systems, water heater, range, wall oven, cook top, dishwasher, garbage disposal. 

IS AN INSPECTION REQUIRED?

Not always.  At settlement, the application provides that all systems are in good working order. This is factual since we will have just completed the home inspection and any repairs will have been made. Since the real estate you are buying is in good working order, we can state that to the warranty company when we order the coverage for you.  If you make a claim on a home where no home inspection was performed, the home warranty company could inspect the component and discover that the defect was pre-existing and may not pay for repair or replacement. 

WHEN DOES COVERAGE BEGIN?

When the warranty company receives the application and payment. Application and payment is made by the settlement attorney's office and mailed to the warranty company that day. Coverage is generally within 72 hours of settlement.

HOW DO I MAKE A CLAIM?

You will be provided with a 24 hour toll free number at settlement. You MUST call the warranty company 800# for repair. If you call a recommended or local mechanic, the warranty will not pay them. The warranty company has a proven list of mechanics who make repairs for them. You MUST go through their office for the warranty to work.

WHAT DO I PAY THE SERVICE TECHNICIAN?

There is a service fee of from $35 to $100 depending on the warranty company. This is the normal deductible on all warranties. This discourages nuisance calls and saves time and resources for serious warranty repairs. SLEEP WELL!


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Rainmaker
175,655
Jane & Garry Smith
Coldwell Banker Residential Brokerage - Portland, ME
ABR, GRI, Realtors - Portland, ME - (207) 253-3195
We recommend Home Warranty coverage on all of our listings as it truly does provide peace of mind for both buyers and sellers. Because we receive notices from American Home Shield for claims made, we had one property with over $3,900 in repairs in the first year! For a $450 plan, that was a great investment!
Sep 28, 2011 08:06 AM #1
Rainmaker
562,448
Steve, Joel & Steve A. Chain
Chain Real Estate Investments & Mortgage, Steve & Joel Chain - Cottonwood, CA

Kathy,

Great reblog; the home warranty companies have made this quite easy.

Steve

Sep 28, 2011 09:13 AM #2
Rainmaker
548,792
Kathy Toth
Ann Arbor Market Center Keller Williams - Ann Arbor, MI
Ann Arbor Real Estate Experts - Kathy Toth Team

Thanks Jane and Gary and Steve and Joel for your visit and comments

Sep 30, 2011 04:13 AM #3
Rainmaker
1,664,548
Dorie Dillard
Coldwell Banker United Realtors - Austin, TX
Realtor-Canyon Creek- NW, Austin TX Homes For Sale

Good morning Kathy,

I missed this one of Lenn's and is certainly a great post to re-blog..I'm a firm believer in the he seller providing a home warranty for the buyer..definitely a best business practice :).

Sep 30, 2011 05:49 AM #4
Rainmaker
548,792
Kathy Toth
Ann Arbor Market Center Keller Williams - Ann Arbor, MI
Ann Arbor Real Estate Experts - Kathy Toth Team

Dorie, what company for warranty do you choose?

Oct 01, 2011 06:24 AM #5
Anonymous
Anonymous
Anonymous

I would tell buyers to, yes, get a home warranty, but instead of letting the Sellers provide it, get an escrow credit and buy your own.  Too many Sellers buy the cheap one, and the buyers are left hanging down the road. 

Oct 02, 2011 05:38 AM #6
Rainmaker
548,792
Kathy Toth
Ann Arbor Market Center Keller Williams - Ann Arbor, MI
Ann Arbor Real Estate Experts - Kathy Toth Team

Russel, what home warrranty company is not a cheap one and you would suggest?tayberry

Oct 02, 2011 07:29 AM #7
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Rainmaker
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Kathy Toth

Ann Arbor Real Estate Experts - Kathy Toth Team
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