My husband and I are buying our first rental investment, we had some problems with the owner doing some repairs to the house in order for all utilities and apliances to work correctly, we did not ask for any inspections (our mistake) the house has a 1 AHS home warranty, does this means that if anything is wrong with the house the owner is required to fix the problem after the closing
#23914 - 07/07/0512:27 PMRe: 1 year AHS home warranty
Paul Oaks
Major Contributor
Registered: 06/23/04
Posts: 3370
Loc: Central Illinois
This is a question you should be asking your agent who can fully explain the warranty and you should have been given paperwork for the warranty. Short answer is No the owner pays Nothing. Warranty company may pay based on circumstances.
Quote:
Originally posted by gamak: My husband and I are buying our first rental investment, we had some problems with the owner doing some repairs to the house in order for all utilities and apliances to work correctly, we did not ask for any inspections (our mistake) the house has a 1 AHS home warranty, does this means that if anything is wrong with the house the owner is required to fix the problem after the closing
_________________________
Paul Oaks Oaks Real Estate Group
Generally a warranty company will only pay for things that were in good working order at closing. They are not in the business to fix up a house for you. Then, at best, there is usually a deductible that you have to pay to get the service.
_________________________
Comments made are my opinion, and not intended to be legal advice of any kind.
As a general rule warranty companies only pay for things that stop working AFTER you buy the warranty, i.e. typically not pre-existing conditions.
You should not buy any more properties without getting a thorough home inspection. The best time to ask an owner to fix problems is while they're still his problems instead of yours.
_________________________
Jim Lee, REALTORŪ, CRS, ABR, e-PRO [url=www.KnoxvilleHomeCenter.com]www.KnoxvilleHomeCenter.com[/url] [url=www.KnoxvilleTennesseeRealEstateBlog.com]www.KnoxvilleTennesseeRealEstateBlog.com[/url] I am not an attorney & I am not giving you any legal advice.
This Google Custom search may do a better job of searching the forums for some keywords than the old forum search does. The results do not include threads from the Asset Managers Forum however. To search that forum you will need to be actually in the Asset Managers Forum and you will need to use the old forum search below.
Celebrating 13 years as one of the internet's most popular Real Estate Communities!
Previous Topic
Index
