What Is A BINSR

Dated: 04/04/2017

Views: 3445

BINSR is Buyer Inspection Notice and Seller Response

Inspection Period Protects Home Buyers

The Inspection Period gives the Arizona home buyer an opportunity to investigate a home thoroughly to see if there are any hidden issues.

On the other hand,the Inspection Period is one of the most complex parts of buying a home. Mismanaging your opportunities can be disastrous for you. Meeting all the deadlines in the contract is critical.

Buyer’s Inspection Notice

If you want to request some repairs, you will use the “Buyer’s Inspection Notice” form to notify the seller of your requested repairs. The “Buyer Inspection Notice” must be delivered to the seller within the Inspection Period which is usually ten (10) days from the time the final counter offer was signed by the seller. (or an agree upon timeline between the buyer and seller.)

Once the seller receives the “Buyer’s Inspection Notice” with the requested repairs, the seller then has five (5) days to respond.

Seller’s Response

The seller can;

 * Agree to make all requested repairs.

 * Agree to make some requested repairs.

 * Refuse to make any repairs at all.

The buyer has five (5) days after receiving the “Seller’s Response” to decide whether to, essentially, take it or leave it.

Buyer’s Election

The buyer, can;

 * “Take it” and agree to move forward with the purchase of the home with only the repairs the seller agreed to make.

 * “Leave it” and cancel the contract altogether. This must be done within five (5) days of receiving the “Seller’s Response”.

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Rich Conrad

One of my primary goals in real estate is to assist buyers in finding the home of their dreams and help sellers sell their home in the quickest time possible, and at the highest price (while minimizi....

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