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Get a home warranty on a REO or Foreclosure
So what is the big deal…
Having a home warranty on a REO property is a good idea. Unless you are buying the property with the thoughts of tearing everything apart, then maybe not so much. With all the bank owned listings around here, who knows what the previous owner did to the house as it was going through foreclosure, most people just don’t care and they quit with the basic upkeep of the house.
Most REO properties sit vacant for some time and it is hard to tell what will really work or not. You purchase the property ‘As Is’ from the bank, so having a home warranty will take some of the stress out of the purchase of the house.
Different home warranties offer different coverage and services. Most home warranties run for a year with the opportunity to extend the warranty as the first year goes on. The services covered range from basic to extensive. It is important to point out that not all things in the home are covered. Most system components along with appliances are covered with optional add ons depending on the company.
Put the $$$ down
Not so fast, ever thought about having the bank pay for it? If they want to sell the home they will pay for it, but you never know without asking. Make sure to include it in the initial purchase agreement.
Having a home warranty will definitely protect your investment against any breakdowns on covered items.
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