Tread lightly when considering a home warranty
Insider Secrets
Did you know that many real estate companies receive a kickback referral fee (whether they pass it along to their agents or not is their discretion) for a home warranty they recommend and it's perfectly legal?
In fact, if you look at some standard purchase agreements from various companies, the language is written right into them. And although it is mandatory for an agent to disclose this referral fee, most of the time it is presented by the agent as a minor item which is just one of dozens or even hundreds of statements an agent makes when writing up a purchase agreement or a listing agent makes while going over an agreement with a home seller.
Our company does NOT accept a home warranty kickback, nor do our agents. In fact, if we represent a seller who offers to purchase a warranty for a buyer or we represent a buyer who wants to purchase one, we pass the savings (referral fee) along to our clients by reducing the premium cost of the home warranty. We were dumbfounded by one major home warranty company who made the process of reducing the premium for our client so difficult it was truly ridiculous. Unbelievable eh?
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