When a seller makes an offer, there’s always a period between the time of the offer and the final closing that’s referred to as being under contract. Things may go wrong during this period, the HVAC system may break down, or a dishwasher may need to be repaired. In case these things get damaged, you need to have coverage that can cater for repair costs before the homeowners finally sell the home.
This article explains why acquiring some form of home warranty by a well-trusted residential warranty corporation, can avoid many headaches in the short term.
What’s A Home Warranty Service Agreement?
Warranty service agreements have various terms, including home service contracts, home warranties, service agreements, and appliance service agreements. Regardless of the name being used, this agreement protects a home’s appliances and systems like refrigerators, air conditioners, and HVAC systems. This home appliance warranty will ensure your company repairs your major systems when they break down due to wear and tear.
Why You Should Sell A Home With A Home Warranty
It’s simpler to sell a house that has a warranty than one that doesn’t. Including a home warranty in the purchase price can increase the buyer’s confidence and make them select your home. New buyers, particularly, may be interested in your home if they don’t want to commit themselves to future repair expenses. Most home warranty companies charge $300 to $500 for plans that last for a year after the closing. Also, buying a seller’s warranty has its perks. Some companies will cover your home while it’s still on the market. After it’s bought, it’ll be transferred to the buyer. Once the house is sold, the law may require you to purchase an annual service agreement.
How To Use The Coverage
Requesting service in case an appliance or system breaks down is simple. The selling time is critical and may be stressful. The last thing any seller would want is a complicated request process. Fortunately, most home warranty companies have the option of making a service request via a phone call. After you’ve made the call, the warranty company will send a contractor to your residence to fix the broken appliance or system.
You can use a service agreement to protect yourself and your finances and not inhibit an upcoming closing if any appliance or system isn’t functioning correctly. However, not all companies offer a seller’s warranty. Therefore, you need to carefully read the policy documents and determine your preferred company’s plans and whether they provide a seller’s warranty. It would even be better to select a company that offers bonuses and other additional benefits.
How A Seller’s Warranty Can Prevent Post-Closing Disputes
The home closing isn’t the end of the selling process because disputes may arise concerning pre-existing issues. Besides that, the new homeowner may also find problems with the appliances and systems. However, a home warranty service agreement can protect you from such disputes because it’ll still cover appliance breakages even after a homeowner has moved into the house. That can save you from the stress of performing repairs from your pocket.
Home warranty agreements aren’t only for homeowners but are also for sellers. Like they help homeowners receive compensation for damaged appliances and systems, they can also help sellers increase buyers’ confidence and cover any breakages that may result after the closing has been made.