If we miss anything on your home inspection, our partners over at InterNACHI will purchase your home back from you! Who is InterNACHI? InterNACHI stands for International Association of Certified Home Inspectors. They are an organization made up of residential and commercial inspectors. They provide training and accredited certifications. They are the world’s largest organization in the home inspection industry. As a home inspector in Tulsa, I am blessed to have them as my partner.
So back to the buy-back guarantee. If I, as a home inspector in Tulsa, miss anything on your home inspection InterNACHI will buy your home back. I know this sounds too good to be true, right? Well it’s true. They have honored the buy-back guarantee off many times over. Of course there is some fine print, there is always fine print, right? So let’s take a look at what that fine print actually entails.
First of all, the home cannot be a for sale by home, it has to be listed with a licensed realtor, otherwise known as a real estate agent. This is pretty easy to accomplish when you consider that at the end of 2018 only 10 percent of the homes that were for sale were sold as FSBO, or “for sale by owner”. That means that 90% of the homes listed for sale were being represented by a real estate agent.
So let’s move on to the next fine print item. The buy-back guarantee will not be honored for things like material defects that did not exist during the time of his inspection. An example of a material defect would be if a tornado came through Tulsa two weeks the home inspection and it knocked the house off its foundation. Obviously a home inspector in Tulsa would not be able to predict such an occurrence and cannot be held responsible for this action. The house’s foundation was fully intact at the time of the inspection. In addition to exclusion for a material defect, the buy-back guarantee program excludes any items that a home inspector in Tulsa is not required to inspect according to the Standards of Practice set forth by InterNACHI for home inspectors. An example of this would be the testing of the air conditioning in cold temperatures. According to the Standards of Practice set forth by InterNACHI, a home inspector in Tulsa is not to run the air conditioning compressor if the ambient temperature outdoors at the time of the inspection is below 60 degrees. Doing so can cause permanent damage to the compressor. In such cases the buy-back guarantee program will not be honored because there would not be a valid claim against an inspector for missing something he could not have known or anticipated. In addition, the buy-back guarantee program would exclude any material defects that the home inspector noted in his report as being deficient. Afterall, an inspector can’t be held responsible for missing something that he caught.
Item number three of the buy-back guarantee program states that will be guarantee will be honored for up to 90 days after you close on your home. Not from the day of the inspection, but from the date of closing. This gives you time to move into the house, get things unpacked, get settled and start with your normal routine. When things are new you find yourself basking in the newness of everything. You aren’t looking for the things that might be wrong with the home. But eventually you will start to notice things happening in the house that you might not have paid attention to before. In most cases the major things will present themselves shortly after you have moved in. And that is what this program is designed to help with. If the inspector missed the fact that the foundation has a major flaw and the house begins to settle and walls start to crack due to the previously unnoticed deficiencies. This is when InterNACHI will step in a put the wheels in motion for the buy-back guarantee program to reimburse you for the purchase price of your home. But they will honor the buy-back guarantee program even if it is something as minor as the inspector missing the fact that a GFCI outlet was required. But this is a very extreme example. In most cases you bought the home of your dreams because you fell in love with the house. You probably wouldn’t want to have InterNACHI buy your house back (meaning you’d have to move out) because the inspector overlooked the need for a GFCI outlet. However, InterNACHI would honor the program if you insisted.
The fourth and final point in the fine print states that InterNACHI will reimburse you for the full price that you paid for the house. This would include any money you had to put up for the down payment. They reimburse you for the full purchase price of the house. However, they will not reimburse you for closing costs associated with the purchase of your home. So this would exclude items such a realtor commission fees, inspection fees, loan doc origination fees, escrow fees, etc. What they reimburse you for is the agreed upon purchase price of the house.
That’s it. Those are the items that make up the fine print. Of course there are other legal items that come into play like expectation that the homeowner will agree to make necessary repairs to prevent any further damage to the house. Once InterNACHI starts the ball rolling they will send out an inspector from their corporate offices to perform another inspection. An assignable sales letter will need to be signed by both parties. InterNACHI will then put the house back on the market for the same price as what they just paid out as a reimbursement to buy the home back. Along with reimbursement the buyer will need to sign a release letter and must agree to cooperate throughout the process by providing requested documentation showing the trail throughout the entire transaction.