BINSR (Buyer’s Inspection Notice and Seller’s Response)
You’ve hired a team of professionals and finished your home inspection. You have a list of items that you find deficient. Now what?
The BINSR
The Buyer’s Inspection Notice and Seller’s Response (BINSR) is a document used in conjunction with the Arizona purchase contract. At the end of the 10th day of your inspection period you and your real estate agent will talk about what you want to be repaired/replaced.
Even though the document is titled “Buyer’s Inspection Notice” it is better defined as a request for repairs that were found during the inspection.
The document itself consists of three parts that happen in this order: the request, the response, and acceptance or cancellation.
The Request
A timeless English idiom states: “It doesn’t hurt to ask”. No matter how big or how small if a buyer wants it the BINSR is their time to ask for it. It’s not uncommon to see people asking for small things such as GFCI’s to be installed, or huge items like a new patio roof to be repaired.
Ultimately what the buyer wants to be repaired on the house they can and will ask for it, even if it’s not necessarily broken.
The Response
Maybe the buyer asked for the everything and the kitchen sink, or maybe the buyer just asked for the leaky kitchen sink to be fixed. Whatever it is The Response is the part of the BINSR that the seller lets the buyer know which requests they are willing to perform.
For example if the buyer asked for the broken kitchen sink to be replaced, the house to be cleaned, and for the cracked patio cover to be replaced the seller does not have to do any of it. The seller can choose to just to replace the kitchen. If the seller doesn’t think the sink needs to be replaced and just wants to repair it they can indicate that in the response.
Acceptance or Cancellation
The seller has responded to the BINSR and the buyer is left with a decision. At this point in the Arizona Association of Realtors Contract the buyer is left with two options: Acceptance or Cancellation.
Acceptance means that the buyer will move forward with the purchase of the home.
Cancellation means that the buyer will cancel the purchase of the home, close escrow, and receive a full refund of the earnest money. As a buyer ultimately it’s up to you if the seller’s response will make or break the house for you.