oes your home insurance is a problem with the home after
policy include things like closing.
plumbing or electricity
failures? As a for sale by owner home
seller, you can benefit from the
It most likely doesn’t. What will purchase of a seller’s home
you do if something goes wrong in warranty. Not only will it cover
the home after you’ve the cost of repair in the case
successfully closed the deal? that a major home item fails, it
can also make your home look more
Even worse, what if something attractive to buyers. Prospective
goes wrong after the buyer has buyers will be pleased with the
already moved in? You could end assurance that comes from a home
up paying thousands of dollars to warranty.
have the problem fixed.
The last thing you want is to
Follow these tips to help you have to have the pressure of
when you are buying a house: dealing with a surprising failure
in the home after you have
Don’t think that just because successfully closed the deal.
ownership of the property has Deciding whether you or the buyer
transferred from you to buyer is responsible for paying for the
that the buyer won’t come to you damages could result in a heated
if there is a major home failure. debate. Even in the unfortunate
Imagine if your brand new vehicle event of a home failure, you can
malfunctioned within days of its avoid this type of situation by
purchase. Would you pay for purchasing a seller’s home
repairs without word to the warranty.
dealer? Of course, you wouldn’t.
Neither will your buyer if there Essentially, the home warranty
picks up where insurance coverage
leaves off by paying for failures In most cases, the home warranty
in items like heating, plumbing, lasts for a year. Buyers are
electricity, and air given the option to renew the
conditioning. Be advised that the warranty coverage when it
warranty only covers these items expires. Be sure to advise your
if they fail on their own. buyer that the cost to renew the
Improper installation or policy might end up being more
maintenance, code violations, and than the initial cost of the
unordinary wear and tear can lead policy.
to a denial of coverage. Even
without a home warranty, the One of the good things about a
buyer could not reasonably ask seller’s home warranty is that it
you to cover damages that were can be included as one of the
caused by actions taken on their closing costs. You can obtain the
part. warranty and then defer payment
until closing, receiving the
Depending on the provider, benefit of the warranty without
seller’s home warranty coverage having to pay for it until later.
can differ. Make sure you The benefit of paying for the
carefully study and completely seller’s home warranty yourself
understand the policy you are is that you have peace of mind
purchasing before you pay for it. knowing the buyer won’t have to
In some cases, the home warranty call you about an unforeseen
might cover different items problem after closing.
before and after the closing.
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Geri Mason
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