Comment

Comment by Toby Boyce on February 25, 2010 at 3:05am

I've used this a lot. The home warranty company offers coverage for the buyer and the seller - at the same cost - so the minute I put a house in contract, I order the home warranty. It is now in place on the listing and if something goes wrong, then my buyers are covered during that time frame.

Same thing goes for listings. I put them in place the day of listing (if authorized) so that if something goes wrong you can use it during that time frame. (I use Home Warranty of America and have only had one issue.)

Last fall, I had the buyer on a house, inspection found that the bottom of the hot water tank was rusted. Buyer requested remediation, seller called HWA, and they came out and replaced for $65. Key is that it has to be a NEW issue.

Comment by Chris Prickett on February 25, 2010 at 2:42am

I don't know if any home warranty that kicks in before close of escrow. Most, if not all, (at least in AZ) warranty policies are paid are closing.

Comment by Toby Boyce on February 25, 2010 at 1:56am

Tasha - that should have "ordered" instead of "bought" in the last post. I explain the importance of a good inspector and a home warranty on the house when buying SS/REO. Best $340 many of them ever spent. Best part is that when something like this happens, it gets fixed for $50-100 rather than the $500 for a new water heater.

Comment by Toby Boyce on February 25, 2010 at 1:55am

Tasha - Umm ... Did you buy a home warranty for your buyers? That would be the easiest way to work on it.

However, if you didn't I'd start getting estimates and cross fingers. My experience with banks is that it all depends on the net to the bank. They'll consider anything as long as the price is right.

Comment by Toby Boyce on February 25, 2010 at 1:52am

My short-sale continues to move along, Sent to them on January 8 and we are now in the hands of the negotiator and they are saying 5-10 days for a response.

Comment by Tasha Griffin on February 23, 2010 at 3:13am

Hi Everyone. I have some buyers who have an offer in on a short sale with PNC (formerly NCM). We have gotten the approval, from what I hear, but we have a problem with the water heater (which attacked me yesterday). The entire thing went and soaked part of the first and the second floors of the home. Anyone been able to get repairs like this approved on a short sale?? Thank you1

Comment by Chris Prickett on February 7, 2010 at 4:24am

I understand your concerns. We won't agree to the approval unless the approval letter releases the seller of all obligation. The main purpose of getting the stricken verbiage approved was to get our file in the hands of a negotiator. Before that compromise, we were in customer service limbo.

Comment by Toby Boyce on February 7, 2010 at 2:16am

I'm working on a short-sale with PNC (former National City) and have found them to be very cooperative in terms of the process. We are ahead of their schedule (they said 3 weeks for it to sent to investor and is off in 2).

I've been very impressed with the customer service to date.

Comment by Toby Boyce on February 7, 2010 at 2:15am

I would be very careful about "striking any language" Chris. These banks are shrewd.

I'd have buyers attorney draft a letter that states what it is being striken and that they are agreeing to it and if they don't sign - deal doesn't close.

Comment by Bryant Tutas on February 7, 2010 at 2:11am

Chris, I agree with David that removing the deficiency from the letter means squat. They would need to add language stating they will not go after the seller.

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