We just closed on this home today. We bought it back under the “We’ll Buy Your Home Back” Guarantee. If any member wants it, we’ll pay you $15K to take it:
https://www.realtor.com/realestateandhomes-detail/1888-Lacrosse-Ave_Saint-Paul_MN_55119_M74675-53775
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Here is the appraisal. It appraised at $155K. https://s3.amazonaws.com/uploads-east-1.nachi.org/page-uploads%2F2020%2F07%2F1595541209082-1888-lacrosse-appraisal.pdf
Why was this home bought back? How long after the owners purchased this home did NACHI buy it?
Isn’t this near one of the new autonomous zones???
I may be interested, what’s the next step?
Let’s see the inspection report!
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Nick, I love the Buy Back Program don’t get me wrong. I feel marketing homes bought back through the association Buy Back Program to any home inspectors may be considered a conflict of interest and draw undue negative attention to the association.
COE: The InterNACHI® member shall not:
Duty To The Public:
6:
- have any disclosed or undisclosed conflict of interest with the client;
- accept or offer any disclosed or undisclosed commissions, rebates, profits, or other benefit from or to real estate agents, brokers, or any third parties having financial interest in the sale of the property; or
- offer or provide any disclosed or undisclosed financial compensation directly or indirectly to any real estate agent, real estate broker, or real estate company for referrals or for inclusion on lists of preferred and/or affiliated inspectors or inspection companies.
How? That doesn’t even make sense. What financial conflict does an inspector in California have in buying a house that they had no involvement in a transaction in Montana? Please provide an example of negative attention.
Jacob:
Water in basement from downspout.
Immediately. Within weeks anyway.
Robert: I don’t see any conflict of interest. The preferred lists in the COE are talking about lists maintained by real estate brokers, not InterNACHI.
Jeffrey: We didn’t do an inspection on the property.
Jeff Z.: I don’t think so. Really nice neighborhood. Clean.
Tony: Next step if interested would be to go to your bank and see if they will give you a mortgage. Rates are now at historic lows. InterNACHI can help with closing costs as well.
It is interesting to note that most homes we buy back, are then sold to other InteNACHI members who buy them for investment. That’s how great we make these deals for members.
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So then, please explain the “Buy Back”.
Jeff: The “We’ll Buy Your Home Back” Guarantee is a guarantee offered by InterNACHI through participating members. If your client ever has an issue and wants us to unwind the house purchase, we do that and buy their home from them. FAQ section here: www.nachi.org/buy-faq
Afternoon, Nick.
Didn’t mean to muddy the waters.
Questions: There is or Isn’t a listing agent involved or is this a FSBO, For Sale By Owner?
Because from what I have seen of the Buy Back videos, real agent’s are involved re-selling the property.
Looking forward to your reply.
Regards.
Robert: InterNACHI owns the home as of yesterday. We are going to list it for sale soon, probably by Monday. I usually give everyone a couple days to see if they want to buy from us as an investment first, then I list it with real estate agents.
I’m still not seeing any conflict of interest here.
Yeah, we all know that, but I thought a HOME INSPECTION was required, so how does this qualify for Buy Back with no Home Inspection??
(You and Ben taking turns?).
Jeffrey: No, most of the time we don’t do a home inspection. We sometimes do an appraisal just to make sure we aren’t getting scammed.
Where’s the original home inspection that would have qualified it for the BBG? No copy?