So....I have a lender guru friend that has a package deal for larger home purchases. As prices continue to raise, it only benefits to educate yourself on some or all of the options. Most
What Is A BINSR
I find myself explaining this to everybody at least once. Why? Because it's part of the home buying/selling process here in Arizona. So I thought I would do a brief description and have the resource for future clients.
A BINSR is actually a 3 part process, but the name itself is divided into just 2 parts. Let me explain.
Let's break it down like this BIN/SR.
The first part is the BIN (Buyers Inspection Notice). We have a 10 day inspection period once the contract is executed where the buyer does all of their due diligence to decide to move forward with the home or not. Part of that process is hiring a home inspector and most of the time a termite inspector. After the home inspector thoroughly inspects the property, he sends out an inspection report. Typically the first 2 or 3 pages are a summary of everything that needs to be addressed. Some times it's a leaky faucet, a broken tile, light not turning on, or something easy to fix like that. Other times it's maybe the pool pump or A/C not working good enough. More of a major issue. 1 of the options on the BINSR is to immediately cancel the contract. The other is ask them to fix.
So we get all that information, and we decide what we, as the buyers, need the seller to fix prior to moving in. I always say, let's name the items that are deal breakers. Don't list everything on the report because the seller might be willing to do the major stuff (they will probably have to do that anyway if not with you then the next buyer), but by asking for them everything, the list becomes more of a headache to them and they might decide to pass on you.
So the BIN. Buyers Inspection Notice. We the buyers got the home inspected, here's our notice of the items we want fixed.
2nd half, the SR, Seller's Response. That is usually answered 1 of the 3 ways. 1.) Yes we will make the repairs. 2.) No we won't make the repairs. 3.) We'll do these items for your but not these. They are given 5 days to respond to the BINSR, and if they don't respond in that 5 days we have to assume they won't be doing any of the items.
If we do get the BINSR back from the seller and they will fix only partially or none, you are within your rights to cancel.
One piece of paper has a lot of power if used correctly during the transaction. I hope you find that helpful. Any questions? Any Comments?
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