How Homeowner Warranties Can Benefit You In Selling Your Home More Quickly

Since our most recent economic recession, real estate sales have been dominated by a purchaser's market

. It is taking house sellers even longer to sell their homes at the same time. Buyers have the pick of the crop, so to speak, when it comes to choosing homes in a glutted 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 quick sale on your own house.

Acquaint yourself with the idea of a homeowner warranty. A homeowner warranty, known otherwise as just a home warranty, is a powerful tool for ensuring that a buyer purchases a savvy seller's house. Buyers want a guarantee that the home they are purchasing is in good shape. If that can't be assured, proof that the previous owner will repair anything that breaks during the first year of purchase is desirable. You as a seller will ultimately end up with a faster sale since a homeowner warranty offers the assurances most buyers want.

Who pays for the homeowner warranty? This differs by state pretty widely and is dependent on local customs. Since the seller is the person who benefits from the warranty, in many places, a seller is expected to pay for it. If the buyer did not personally pay for the homeowner warranty, he or she is less likely to call a seller to repair something that breaks.

It's also a relatively minimal sum to buy a homeowner warranty. 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. They can expire at the end of that period but can also be renewed on an annual basis.

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 house. Unless detailed coverage is requested, most outdoor items like sprinklers, spas and pools are not included, and not every plan pays for indoor appliances either. In the event that a buyer has incorrectly installed or maintained something, has violated a policy or creates abnormal wear and tear, coverage can also be denied.

While a purchaser may dictate the existence of a homeowner warranty at the outset, a seller often has great control over its provisions. 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 secure with the purchase as a whole.

by: Mary Barney.

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