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!”