Should we ask the owner to fix them and risk losing the home or should we get a 1 year home warranty with $100 deductible and will that cover new HVAC, gutter, and things of that sort with $100 deductible for fixing each thing?
2007-11-14 02:38:18 · 5 answers · asked by ryanmartin8 1 in Business & Finance ➔ Renting & Real Estate
A home warranty won’t cover things that the inspector found wrong. It’s for things that break later. Many home warranty companies will ask for a copy of your inspection report if you file a claim within a certain proximity of your purchase date.
If the repairs are more than you are willing to take on, ask the seller to fix them or lower the price to accommodate that you must.
Next time, hire a buyer’s agent to advise you on these matters.
2007-11-14 02:44:49 · answer #1 · answered by Anonymous · 1⤊ 1⤋
If the home inspection showed problems you can go back to the owner and ask that they be fixed prior to closing, or you can find out what it would cost to repair all items and deduct that amount from the asking price and have them fixed yourself. If the owner refuses to fix the items then demand a reduction in the asking price to cover the cost of repair. Either way the seller is going to come across this over and over again each time he gets a contract on the home. If the seller doesnt' want to fork out the money for repair they will usually accept a deduction in sales price to help you out.
A home warranty will not cover these items. Get a price reduction.
2007-11-14 03:10:29 · answer #2 · answered by Weimaraner Mom 7 · 0⤊ 0⤋
You are going to want to ask the seller to replace it. You can ask for it before closing, or have money withheld from them at closing to pay for it after. You may want them to just reduce the sales price by the cost to replace it, otherwise they will buy the cheapest thing on the market, which could break down again in a few years.
But keep in mind the things that are important, like the HVAC system, which can cost thousands to replace, and the stuff that isn't. The gutters?? It depends on what is wrong with them if you want them fixed or just let it go. It's probably soemthign retarded like splash gaurds anyway.
I would consider a home warranty anyway, since you never know what could go out over the next year. They aren't expensive, and could cost a fortune is you don't get one.
2007-11-14 03:09:31 · answer #3 · answered by Meghan 7 · 0⤊ 0⤋
In real estate, this phase of the purchase is sometimes called the 2nd phase of negotiating. The inspector makes a list, the buyer then picks items on the list to submit for repair. The seller then agrees to fix the items or allow for a cash allowance to be given to the buyer at closing to fix the items themselves. Don't worry about losing the home, this is standard procedure for all real estate transactions involving a home inspector. The home warranty is not a bad idea, but is not related to the inspection items. You'll be fine just making a "wish list" of the more important items that need fixing. Good Luck!
2007-11-14 07:19:05 · answer #4 · answered by Jack of All Trades 2 · 0⤊ 0⤋
Stacy is correct, a home warranty will not cover things found on the inspecton. Some home warranties only cover owner occupied homes since tenants are very hard on rental houses, so if you do but a home warranty, check on that. Also, if the home warranty company suspects you are fixing the property on their dime, you could find your policy cancelled.
Ask the owner to fix the items that were discovered on the inspection. At this point, everything is still negotiable.
2007-11-14 02:54:33 · answer #5 · answered by godged 7 · 1⤊ 0⤋