Just checked my box and I found this. A claim to a home warranty from a client, who bought a short sales condo sometime last year. This is what home warranty is for - to pay for repairs - when you need it the most. I know there are skeptics out there who don't believe in this. Let's face it, when a home buyer, especially first time home buyers, purchase a foreclosure homes or short sale properties, they bought the property as-is. As is means no the lenders are not going to fix anything. Unless you can bring the repairs up to the seller's agent for credit.
A home warranty helps save you upfront money, specially after you cleared your checking account (well almost) for your down payment, and all costs related to your buying. Typically you pay upfront around a couple hundred dollars. However, the warranty gives you a cover, when you needed the most. I don't know how much a heat pump water source cost, but I do know one thing. It's another expenses you don't really need.
Like anything else before you purchase do your due diligence. Not just because your Realtor asked you, that doesn't mean you have to buy through the agent. Because there are a number of home warranty companies in the space. The office I was with, happened to have biz alliance with HMS. I've seen new homes builders use other type of home warranty that covers the first few years of new constructions.
So check around to see what's best fit your needs.
Here's an example of what's covered in the policy, via HMS.
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