It happens. You buy a home, move in and then the unthinkable happens. You find something that is broken. What! What is this! Somebody owes me. Who? Who? This is not an uncommon thought that runs through a homeowners mind. Some typical answers are: The seller knew about it and didn’t tell me. How could the home inspector miss this? Why didn’t the realtor tell me about this? I did everything right. Somebody better pay this and it is not going to be me.
Well dear homeowner, the truth is, no one may owe you. The seller may not have known something was wrong. If the seller did then you can choose to legally pursue them, and prove that they knew about the problem. If the repair is small is it worth your time, energy and money? The inspector may not have caught the problem. The inspector may be willing to help fix what is wrong however they may not either. If you missed it, and the inspector missed it why should you expect the realtor to have caught it?
The answer is you can do everything right and still wind up with a problem. However; if you did everything right you should have received a home warranty on your home. There is now a clause in the Purchase and Sales agreement that covers this issue. Buy the warranty or have the seller buy it for you. The key here is to choose a company that pays on the claims made. Companies here in the valley have come and gone. Currently there are title companies; inspectors and I don’t know who else is offering home warranties. A new home warranty company pops up every now and again. Ask questions; look at what the company covers. Is there a service charge? What does it cover? Ask the questions and empower yourselves with the knowledge to make the right decision. Then don’t look to blame someone if your home breaks, call the warranty company. What is a home warranty? How is it different from my homeowners’ policy? More on that next week.
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Tags: Boise real estate, first time home buyers, Foreclosure, housing prices, Hud Homes, Idaho Real Estate, Meridian real estate, rent or buy, Rich Nesbit, weather
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