Home "Warranty"? (Tampa: bank owned, short sale, appliances)

[PhotoProIP]

When buying a short sale, and being offered a home warranty, does that mean that if there are repairs or service calls needed during the warranty period, the new homeowner has to pay for it out of pocket? as if it was a regular service call? or it should be covered by that home warranty!?

[HWTechGuy]

The home warranty will cover repairs/replacement of covered items. There is usually an itemized list of what is covered.

I had a home warranty, it was something my realtor asked for. The seller was as stingy as could be and didn't want to pay for it, so the selling realtor did.

The warranty ended up getting me a new water heater because the hot water was brown and insufficiently hot when I moved in. I had to pay a $60 service fee, which isn't bad.

I called them for something else and ended up paying the $60 service fee for someone to come out and tell me it wasn't covered. I ended up fixing the problem myself, which I would have done in the first place if I didn't have the home warranty. So, I've decided I won't be renewing it. I just got the letter in the mail last week and they want like $400 to renew it.

[PhotoProIP]

Originally Posted by HWTechGuy

The home warranty will cover repairs/replacement of covered items. There is usually an itemized list of what is covered.

I had a home warranty, it was something my realtor asked for. The seller was as stingy as could be and didn't want to pay for it, so the selling realtor did.

The warranty ended up getting me a new water heater because the hot water was brown and insufficiently hot when I moved in. I had to pay a $60 service fee, which isn't bad.

I called them for something else and ended up paying the $60 service fee for someone to come out and tell me it wasn't covered. I ended up fixing the problem myself, which I would have done in the first place if I didn't have the home warranty. So, I've decided I won't be renewing it. I just got the letter in the mail last week and they want like $400 to renew it.

Thank you for clarifying that.

[bentlebee]

It is a great tool to have the major items covered when you buy an "ASIs " home and to make sure the average call will be no more than $75.

If you have multiple items break down at the same time then you pay a one time fee but if more then one contractor is involved then younpaynthat amount for each service contractor.

It can also be a great tool when the seller doesn't have money for repairs that come up during the home inspection as long as they were not hidden and known.

For example if an AC is kept together with tape then it is not covered but if the AC is not working properly it can be fixed for $75.

I don't like warranties too much but this one can actually save money in cases of being unaware what can be wrong.

[lavender]

Im working on a bank owned sale with a buyer just now and it is offering a home warranty, only problem is there are no appliances and no ac !

[bentlebee]

Originally Posted by lavender

Im working on a bank owned sale with a buyer just now and it is offering a home warranty, only problem is there are no appliances and no ac !

There is plumbing, or not? If it is offered then be happy that it can cover anything else that is there and btw appliances have to be added since that is not standard under a home warranty.

[TampaKaren]

There are warranties for the seller and the buyer - 2 different options. If warranty service is needed before the sale, it should be arranged by the seller. Subsequently, if the service is needed after the sale, the buyer pays.

[bentlebee]

Originally Posted by TampaKaren

There are warranties for the seller and the buyer - 2 different options. If warranty service is needed before the sale, it should be arranged by the seller. Subsequently, if the service is needed after the sale, the buyer pays.

Very true but the home warranty itself can be a gift from the seller to the buyer to show they house is more trustworthy to buy then without the warranty since you have some kind of security.