San Ramon, CA, December 24, 2008 --(PR.com
)-- Just as the real estate market nationwide is being flooded with more and more foreclosures, purchasers are increasingly concerned with the potential drawbacks of purchasing a foreclosed home, despite the often extremely discounted sale price.
A home in foreclosure is generally sold in “as-is” condition, with no home inspection and/or no available history on the home’s systems and appliances, which creates increased risk for the home buyer. In many cases, buyers may not be aware that they can purchase a home warranty for a foreclosed home. Fortunately, Old Republic Home Protection stands ready to help a home buyer manage the increased risk that comes with a foreclosed home with their comprehensive home warranty, which provides repair or replacement coverage for the home’s systems and appliances for one year after closing.
ORHP Vice President, Lorna Mello, stated: “A home warranty isn’t a ‘cure-all’ for foreclosed homes; for instance, it won’t replace systems or appliances that weren’t in place or malfunctioned before the close of sale. However, it can provide very cost-effective protection and significant peace of mind after the close of sale to a buyer who may have a limited repair budget.”
Mello continued, “At Old Republic Home Protection, our Company vision is ‘People Helping People.’ By helping home buyers manage the increased risk of purchasing a foreclosed home, we are truly able to put that vision into action!”
About Old Republic Home Protection
A home warranty is a one-year service contract that repairs/replaces a home’s systems and appliances that fail due to normal use during the term of the contract. Optional coverage is also available to custom-fit coverage for the home. Please see your state-specific Plan for details of coverage
Old Republic Home Protection is currently the third largest home warranty company nationwide, conducting business in 27 states coast to coast. ORHP is a member of the Old Republic International Group of Companies (ORI), one of the nation's 50 largest publicly held diversified financial services institutions.
For more information regarding Old Republic Home Protection, visit www.orhp.com.