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Because of our recent economic recession, buyers are dominating the market on real estate sales. Just the same, it is taking house sellers an increasingly long time to sell their homes. Buyers have the pick of the crop, so to speak, when it comes to selecting homes in a glutted market. When a purchaser has so many options from which to choose, how can you ensure that your home sells fast? Enter: homeowner warranties. Knowledgeable sellers use homeowner warranties, also known as simply a home warranty, to benefit them and get buyers to buy their homes. Buyers want an assurance that the house they are buying is in good shape. Buyers will alternatively want a assurance that the prior owner is willing to fix any defects that later occur within the first year of the home being bought. Since a homeowner warranty's main purpose is to give them that promise, it will ultimately guarantee you as a seller that your house will sell more quickly. Who doles out for the homeowner warranty? Sometimes local practices dictate, but eventually each state has their own general guidelines. It makes sense that a seller would shell out for the warranty in many areas, because selling the home more quickly as a result is a benefit that the seller receives. It stands to reason that there's less inclination for a purchaser to oblige the seller to repair something that eventually breaks if the purchaser didn't have to pay for the warranty in the first place. The charge for a homeowner warranty is also relatively minimal. It depends completely on where you reside and what you have decided to be included in the policy, but most warranties usually run somewhere between $250 to $400. Every year, the policies have to be prepaid in advance. They can expire at the end of that term but can also be renewed on an annual basis. There are limits to what a homeowner warranty covers, despite a seller's initial leeriness about offering too much coverage for too long of a time period after the sale of the home. Not every plan pays for indoor appliances, and most outdoor items like sprinklers, spas and pools are not included unless a buyer specifically requests coverage. In addition, coverage can be denied for a purchaser's wrong installation or maintenance of an item, policy violations and unusual wear and tear. While a buyer may require the existence of a homeowner warranty in the first place, a seller often has great control over its provisions. There's really no reason not to make the most of a homeowner warranty, since it has the dual role of putting a purchaser at ease and helping a seller's house sell more quickly.
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