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Homeowner Warranties: A Reliable Bet To Swiftly Selling Your House In An Unsecure Market

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By : AJ Cibok    99 or more times read
Real estate sales have become a purchaser's market due to our present economic recession. Just the same, it is taking home sellers an increasingly long time to sell their homes. Buyers can select which homes they prefer as a result of this weakened market. Buyers have so many choices available to them in terms of homes on the market that you might begin to wonder how you can guarantee a speedy sale on your own home.

That's where a homeowner warranty enters. Also known as just simply a home warranty, a homeowner warranty can be a benefit to more quickly help savvy sellers find a purchaser for their homes. Buyers want a guarantee that the home they are buying is in good shape. If that can't be assured, proof that the previous owner will fix anything that breaks during the first year of buy is welcome. Since a homeowner warranty's main goal is to give them that promise, it will ultimately ensure you as a seller that your house will sell more quickly.

Is the cost of a homeowner warranty imposed on the purchaser or the seller? Sometimes local customs dictate, but ultimately each state has their own general policies. In many places, it is customary for a seller to pay for the warranty because the seller is the person who profits from it. Buyers are less likely to call a seller to repair something that breaks if the purchaser did not personally shell out for the homeowner warranty.

The homeowner warranty also doesn't typically cost too much. It depends entirely on where you reside and what you have decided to be covered in the policy, but most warranties usually cost somewhere between $250 to $400. Prepayment in advance is required on the policies. After the first year, a policy will expire with the choice to renew it available annually.

There are restrictions 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. Sellers can be assured that unless a buyer specifically requests coverage, most outdoor items (think: sprinklers, spas and pools), and sometimes even indoor appliances, are not covered. You as a purchaser are protected as well, because coverage might also be denied when a buyer has improperly installed or maintained something, violated a code or when specific use creates unusual wear and tear on a covered item.

Even though a buyer can often order a homeowner warranty in a market like this, you as seller have a lot of control over the actual content of the warranty. As a seller, offering a homeowner's warranty is a wise idea, because it not only helps you sell your house more quickly but also makes a purchaser feel more comfortable with the purchase as a whole.
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