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Real estate editor Maryann Haggerty and columnist Elizabeth Razzi respond to a question adapted from a recent online chat.
Q Baimore: My furnace passed muster during the home inspection. Granted, it wasn't a very thorough inspection -- it was just tested to be sure it turned on, which it did. But now, three months later, I have learned that it was broken. I don't fully understand how it works, but it stopped working, and one of the parts needed to be replaced. This has cost me $700. The home warranty won't cover this. It's allegedly not a covered item, and because I opted to fix it quickly rather than wait to try to fight the warranty people, given that the unit was at risk for exploding, I didn't end up using a "preferred" vendor. The heating guy says I should hire a lawyer. My agent says I shouldn't have to pay for this. So, who should?
A: Elizabeth Razzi: Your situation demonstrates some of the reasons home buyers shouldn't take too much comfort from the presence of those warranties. They are more of a sales tool than a service plan. Sellers buy them to overcome buyers' worries about the repair burden that can come with an older home. But, once you're in the home, you can find that it's difficult to get payment, especially for costly problems. And you are tied to their list of approved technicians and to their timetable.
Maryann Haggerty: Most warranties won't cover preexisting problems, anyway. They just address systems that break down after the sale.
E.R.: You may be letting your home inspector off easy here. According to the standards of practice of the American Society of Home Inspectors, an inspector is supposed to open access panels and examine installed heating equipment. Why should anyone pay a few hundred dollars for an inspection that consists of just turning the furnace on and checking to see that it gets hot?
M.H.: Think twice before you hire a lawyer to do more than write some stern letters, though. That could easily end up costing you more than the $700 you have spent already.
The next Real Estate Live chat will be at 1 p.m. Friday.
