BrokerIPTV: Today we are talking with Pat DeFoe, Vice President of Colorado Home Warranty and Pat, thanks for being with us.

Pat DeFeo: You are welcome. Thank you for having me.

BrokerIPTV: In a previous segment, we were talking a little bit about home warranties and Colorado Home Warranty and I just want to recap. Now, what people can do here is, if I am a seller and I am selling my home, I could purchase a home warranty to cover the mechanical things in my home. That home warranty could be attractive to a buyer. A buyer could purchase a home warranty for a property that they are purchasing... <watch video>

Pat DeFeo: Right.

BrokerIPTV: Or a realtor on either side of the transaction could purchase a home warranty and give it to the buyer or the seller as a gift?

Pat DeFeo: Correct.

BrokerIPTV: Pretty much how that works?

Pat DeFeo: That's how it works.

BrokerIPTV: Okay. Now, talk a little bit about why this home warranty is good for people? Why should a realtor spend that money? Why should a seller or buyer do it?

Pat DeFeo: A realtor should consider a home warranty, because he is looking after the best interest of his client. A seller I think should have a home warranty, because houses are staying on the market longer, which means there is more use on the major systems of the house, which we cover. If there is a claim during the listing period and say the house doesn't close, we collect no money. It's not paid for until it closes. So, if we have service during the listing period, so be it; we take care of the problem and walkaway if the house doesn't [Inaudible].

BrokerIPTV: One of the neat features that I hadn't thought of is, if I had my home on the market and I had your Colorado Home warranty in place.

Pat DeFeo: Correct.

BrokerIPTV: And the buyer came and did an home inspection and found that there was something mechanically wrong with my furnace, I wouldn't be out of pocket for it; I could just rely on my home warranty, is that correct?

Pat DeFeo: The Colorado home warranty would take care of it, correct.

BrokerIPTV: So, that would help me with inspection items?

Pat DeFeo: That would help you with home inspection items and it would give you peace of mind as a seller to know that if something broke down, it was covered and it would give your buyers on resale homes confidence that, "Okay, I have a warranty, everything checked out fine on the inspection, but I know I have a warranty. If something comes up, I have got coverage for it."

BrokerIPTV: Now, there are a bunch of people who I am sure are saying, "Well, this sounds good, but what's this going to cost me?" or a realtor says, "What is the fee range on a standard home warranty policy?"

Pat DeFeo: A standard Colorado home warranty policy is $275, that's for 12 months buyer coverage and 180 days listing coverage. We have another option that's $295 that will cover the buyer for 15 months should they choose that option. We have a $55 copay is what we call it when we send a contractor out to do a service and that's what the home owner pays and then we pay the rest. We pick up the rest after that. The only claims that we ever deny are claims if there is not coverage. For example, if... we don't have options for the seller for air-conditioning. So, they call their air-conditioning is out, we can't cover that, because we only offer that for the buyer; but if the buyer calls, we cover it.

BrokerIPTV: Trip charges, is that included in that $55...?

Pat DeFeo: That's $55, that's the trip charge. We have no trip charge.

BrokerIPTV: So, that's maximum out of pocket?

Pat DeFeo: That's maximum out of pocket, correct.

BrokerIPTV: Okay. What about "Hey, I have this type of furnace and I want this type of furnace?"

Pat DeFeo: If you want to upgrade?

BrokerIPTV: Correct.

Pat DeFeo: Well, we will replace what they have in there. They have one stage 80% and they want to upgrade to a two stage. We will pay for the... what they have and they can pay for the upgrade. We have contracts with all the wholesalers in Denver. So, believe me, the upgrade is very affordable.

BrokerIPTV: Quickly, one of the nice things about you being a local company is what? No call center?

Pat DeFeo: No call center. We have live people. We have relationships with our contractors, so we can call them and say "You know we have an emergency, we have a little old lady and she has no heat and it's midnight, can you get out there?" and they do it.

BrokerIPTV: That's great. Pat, thanks so much for being with us.

Pat DeFeo: Thank you.

BrokerIPTV: Good information.

Pat DeFeo: Thank you.

Related Posts

Posted in Headlines, Real Estate Industry, Home Selling Services

Comment on this article

Name

Email
Your email address will not be displayed.

Site/Url
Your URL will be displayed.

Your vote

Poor Excellent

Comment text

Options

  Line breaks become <br />

  Remember me

  Allow users to contact you through a message form.

Captcha

Please enter the characters from the image above. (case insensitive)

Captcha code