I Love My Home-Buyer's Warranty!

By
Real Estate Agent with Long and Foster Manassas

I love my home-buyer's warranty.  Last year, I bought a home (after learning all those useful home-selling lessons).   It was an older home, and I asked for, and received, a warranty from the seller.  I knew the water heater was fairly old, and I didn't know how old (or roughly used) some of the other appliances were.  Fortunately, the heating and air conditioning system was fairly new (and very energy efficient).

I had heard mixed reviews about these warranties.  Some said that they were worthless or difficult to use.  Others said that they didn't cover the things that might actually break.  Then there were those who said that they were worth the money.  Well, since it wasn't costing me anything, I had nothing to lose.

Everything went well for about 4 months.  Then, my heat pump started tripping the circuit it was on.  I called the home warranty company, and a heating repair company contacted me to set up an appointment within two hours.  It turns out that the issue was in the circuit box, so the heating company coordinated with the home warranty company and got a different repair company involved.  Long story short (I know, too late), I had two different repair companies out, I had the issue fixed, and it only cost me one deductible.  The home warranty company did all the coordination.

About a month ago, the heat pump was acting up again.  Once again, I called the home warranty company and had a repairman out within a few hours.  This time, there was a leak in the coil.  I had a new coil installed within a day, and again, it only cost me the deductible, and I didn't have to find a reputable repair company.

Then last week, I awoke to a dripping sound where there should not have been one.  A pipe in my basement had sprung a leak and was spewing water everywhere.  Another call to the home warranty company, this time to get the services of a plumber.  It turned out the repair company wasn't going to be able to get to the repair until the next day.  Given where the leak was, this was not going to work.  I called the home warranty company back, spoke to a real human, and had the problem upgraded to an emergency.  The leak was fixed late that afternoon, again, for only the deductible.

Buyers have home inspections prior to purchasing a new home. Those inspections may not catch every issue, and things can break.  Moreover, you don't really know how the prior owners cared for the house and its appliances.  Home buyer's warranties can help provide piece of mind, at least for the first year.

And, yes, I'm renewing my warranty, even though I'll have to pay for it this time!

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Ambassador
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

It's good to hear good things about home warranties.  I have kicked around whether or not to buy one and I think your story and another I heard recently may have swayed me.

Apr 19, 2014 04:37 AM #1
Rainmaker
1,434,894
Yolanda Cordova-Gilbert
Richmond, TX

Pat,

 Wow great story and sometimes things happen if a inspection was done things break after inspections!

Apr 19, 2014 09:03 AM #2
Ambassador
1,471,500
Toni Weidman
Sailwinds Realty - Trinity, FL
20+ Years Selling Homes in New Port Richey, FL

I have never liked warranties for myself, but they can cement a deal.

Apr 21, 2014 06:01 AM #3
Rainmaker
42,678
Pat McCormick
Long and Foster Manassas - Manassas, VA

Chris Ann - I'm glad I have one.

Yolanda - A point I should have made clearer is that it is the newer system (the heating/air conditioning) that has been causing the most problems.

Toni - As I pointed out at the start, I had heard mixed reviews.  I've been very happy with mine so far and am glad I have it.

 

Apr 21, 2014 11:33 PM #4
Rainmaker
5,399,024
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Hi Pat.... we encourage our sellers to provide a homeowner's warranty as an incentive for a buyer to consider making an offer...good marketing tool...

Apr 24, 2014 07:29 AM #5
Rainmaker
42,678
Pat McCormick
Long and Foster Manassas - Manassas, VA

Barbara - My experience this year has been that, not only is it a good marketing tool, it is a good product!

 

Apr 24, 2014 07:33 AM #6
Rainmaker
2,051,414
Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

Hi Pat, Thanks for the blog and information. i am like you as I have heard great things about these warrnaties and horror stories. i am happy to hear the warranty has obviously worked out very well for you. 

Apr 25, 2014 08:29 AM #7
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