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but amongst RE professionals there must be with better reputation ?
Now you suddenly trust RE professionals? All you did on your home inspection thread is talk about how we are in cahoots with the inspectors. Between this thread and that thread I'm not even sure you should be buying a home.
However, since you asked, most of them want to band-aid or straight decline repairs instead of doing the repair or replacement that you should get. On top of that, their contractors tend to stay very busy and put the HW business on the back burner because they make far less on those jobs, because the HW companies beat them up on price. I've had more bad experiences with HW companies than good. About the only way I've found them worthwhile in the last 5-10 years is if you're lucky enough to get a big ticket item like an HVAC or water heater replacement. If your HVAC some other covered item is near the end of it's life, that's the only way I could realy recommend one these days.
It's been a while, but I struggled to get items covered under AHS, Old Republic had awful service, 2-10 and HSA seem to have better service and reps but still try and band-aid problems and you're still at the mercy of their vendors.
I couldn't really recommend one in good faith, but I've avoided them for a few years. I haven't carried one on the homes I've personally owned in years.
The health insurance and car insurance comparisons don't hold up. One hospitalization could cost hundreds of thousands of dollars if you have no insurance. One car accident where your car gets wrecked and/or you get sued for someone's injuries could cost many thousands and in the worst case, millions. With home repairs, we're not talking about those kinds of potential costs. Other than things like the roof, of course, which I believe isn't covered by home warranty policies.
But if it makes you feel more comfortable, then buy it. I would not, but that's just me speaking as someone who has owned a home for over 40 years and has accepted the fact that stuff breaks or wears out, and my husband and I need to be prepared for that financially (we are). Maybe buy it with the intention of really sitting down and re-evaluating whether you need it after 1 or 2 years. Again, it's up to you.
Now you suddenly trust RE professionals? All you did on your home inspection thread is talk about how we are in cahoots with the inspectors. Between this thread and that thread I'm not even sure you should be buying a home.
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I found a realtor who isnt pushing her buddy inspector nor is she pushing her buddy who is a mortgage guy/gal [who also happends to be a real estate investor ]
actually found a house i liked under budget which passed all inspections so far
so yes I trust this particular one [ so far ]
when i asked her for warranty she said do your research but here are a few I recommend so I'm in the initial stages
A friend had a home warranty and was very dissatisfied. They repeatedly tried to bandaid problems and she was having to take off from work again and again for the same issues. Also, she had to use certain repair people and it could take days for them to come out to look at the problem. If a seller wants to throw in a home warranty with a purchase, I’d take it, but otherwise…no. The last house I sold, the buyers wanted a one year warranty and I did pay for it.
Get the first year warranty.
It isn't a terrible cost.
Be prepared to be relentless to get proper support from any warranty company. The negative reviews are representative of many experiences.
Make a decision whether to renew for a 2nd year or 3rd year after you make a claim or two.
But, build tradesmen relationships and a rainy day fund. You SHOULD have the rainy day fund already, before buying a home. Stuff WILL happen.
2006 is not "old," but certainly at 17-18 years, the house is into a maintenance cycle.
And.... No house "passes" inspection. Inspection is an assessment, not a test.
Last edited by MikeJaquish; 08-30-2023 at 07:11 AM..
The word scam implies fraud. So called home warranty companies don't have to behave fraudulently for their products to be a waste of money. I ask you again, do you think they are charities, or for profit businesses?
A $750 repair isn't going to ruin you financially and if it would, you have no business buying a house.
We've never bought a home warranty. Just assumed they probably wouldn't cover anything or would just fix things on the cheap. You can usually predict and estimate when things will need replaced or repaired. You look at how old things are and how long they typically last. It's best to have cash saved up but if not, you put the surprise repair on a credit card.
And our homes were a bit older - 1985, 1960, 1920.
Real estate agents push home warranties as a ploy to ease the concerns of buyers, and truth be told if spending an extra $500-$1000 will seal a deal on a $750K property then it might be a wise investment. In my experience with several properties the home warranty companies will do as little as possible when they are called for repairs.
Real estate agents push home warranties as a ploy to ease the concerns of buyers, and truth be told if spending an extra $500-$1000 will seal a deal on a $750K property then it might be a wise investment. In my experience with several properties the home warranty companies will do as little as possible when they are called for repairs.
Actually, agents propose warranties to avoid liability for not offering them.
I've heard of agents paying for repairs after a buyer complaint.
One said, "If you had recommended a home warranty to me, I might not have had to pay $2000 for a new water heater."
Some agents will have the buyer sign off on declining to buy one.
The health insurance and car insurance comparisons don't hold up. One hospitalization could cost hundreds of thousands of dollars if you have no insurance. One car accident where your car gets wrecked and/or you get sued for someone's injuries could cost many thousands and in the worst case, millions. With home repairs, we're not talking about those kinds of potential costs. Other than things like the roof, of course, which I believe isn't covered by home warranty policies.
But if it makes you feel more comfortable, then buy it. I would not, but that's just me speaking as someone who has owned a home for over 40 years and has accepted the fact that stuff breaks or wears out, and my husband and I need to be prepared for that financially (we are). Maybe buy it with the intention of really sitting down and re-evaluating whether you need it after 1 or 2 years. Again, it's up to you.
But many people also pay a whole lot for car and health insurance
the business model is the scam
I just wanted to see if in the experience of the posters here some companies are worse than others
or if going to BBB will give me a better idea
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