Virginia Beach Real Estate Homes and Warrantie | Virginia Beach Real Estate News For Buyers And Sellers

Virginia Beach Real Estate Homes and Warranties

filed under: Main category posted on December 22nd, 2007

Selling your Virginia Beach, Chesapeake, Suffolk, Norfolk, or Hampton Roads home in a competitive real estate market is tough. In a market that is cooling, it is not uncommon to find other home sellers offering potential buyers what is called a seller’s warranty. A seller’s warranty can help greatly in the home selling process.

A seller’s warranty will provide potential buyers added assurance that any repairs needed to major appliances, plumbing, or other home systems will be covered by the seller within a certain time frame after the home is purchased. This is excluding the standard deductible which varies from company to company. New home builders always offer seller’s warranties; however, they are becoming more and more popular as incentives for selling older homes as well. The cost to the seller is marginal compared to the perceived value to the buyer. The fees typically range around $300 to $500.

Ask your REALTOR^® if their agency offers a seller’s warranty as part of the contract during the home listing period. Most agencies require their sellers to purchase the warranty if it is something they would like to offer their potential buyers. Oftentimes, sellers will just add the cost of the warranty into the selling price.

Hampton Roads Buyers also have the option of buying a home warranty. The cost of the warranty typically costs the same as the one that a seller can purchase and it covers the same things as a seller’s warranty. The main difference between the two is that the buyer’s warranty begins on the date of closing and continues for a one-year period after that. Also, the buyer’s warranty can be renewed annually.

There are a number of companies that offer home warranties for both buyers and sellers. Check with your REALTOR^® for home warranty companies they recommend.

It is always wise to do your research before you make a decision on whether or not buying a warranty is in your best interest. If you have determined that offering a home warranty is in your best interest, be sure to compare a few companies. Check to see what is specifically covered, the overall cost, the amount of the deductible, anything that may be excluded from the program, and any other variables that are part of the warranty.

If you are thinking about offering a seller’s warranty and are considering an offer that is less than full price, you can ask the buyers to purchase their own warranty.

Providing a seller’s warranty will add to the overall appeal of your Virginia Beach or Hampton Roads home to potential buyers. It will give them peace of mind and will go a long way towards getting your home sold.

posted by Dennis Blackmore

This entry was posted on Saturday, December 22nd, 2007 at 1:52 pm and is filed under Main category. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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