I had a client who was buying a bank owned home, and as we all know a good majority of banks will not pay for a home warranty, so my clients asked me if having one was really necessary this is how I answered.
Mr. and Mrs. First time Homebuyer,
To answer your question honestly, it's not completely necessary for you to get one. It is entirely your choice, but I would highly recommend you consider it, with this being a bank owned home and they don't warranty anything it would be very wise for you to get a home warranty for that added protection. Think about it this way, once the summer months come around, it starts getting in the triple digits and you turn your A/C on, uh oh the A/C isn't working, instead of paying around $500 $600 for someone to come out to completely repair your A/C unit, with a home warranty you pay a minimum deductable, and they fix it and that is that.. You do have to renew the premium every year, that is if you wish to continue to warranty the home, but for the first year, I would highly recommend it. Please let me know what you decide so I can let escrow know so we can get the home warranty ordered as soon as possible if that is your decision.
Thanks,
Your All Knowing Realtor =)
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