When the Buyer completes their Inspection Period, they will submit a form called a Buyers Inspection Notice and Seller’s Response. We often refer to this as the BINSR. The BINSR becomes an Addendum to the Purchase Contract.
Once the BINSR is received by the Seller, the Buyer has closed their opportunity for any further inspections. On the BINSR, the Buyer has three options:
- accept the property without any repairs and proceed forward with the purchase; or
- disapprove of the property and cancel the contract; or
- give the Seller the opportunity to correct some disapproved items, which they specify on the BINSR form.
The Seller then has three options on how to reply:
- Agree to all items as requested and then the Buyer Inspection Period Contingency is closed.
- Agree to some of the repairs requested and then allow the Buyer to respond within five days (standard contract timeline) as to whether or not they will accept the response and proceed to purchase or cancel.
- Agree to none of the repairs requested and then allow the Buyer to respond within five days (standard contract timeline) as to whether or not they will accept the response and proceed to purchase or cancel.
Assuming the Seller agrees to all repairs or the Buyer agrees to the Seller Response, the Seller will then proceed to make all the necessary repairs. The repairs DO NOT need to be completed prior to the response. The Seller may want to get quotes or research potential costs prior to confirming their BINSR Response, but no repairs needs to be completed. Repairs need to be completed at least 3 days prior to closing (unless a contract change is agreed to).
The Seller should obtain receipts for all work performed and should also keep receipts for any purchased items that are a part of a repair. For instance, if you’re required to ensure an item is working and you fixed it by purchasing a part at Home Depot, then retain the receipt for that purchase for proof of the purchased part.
Often times Sellers are overwhelmed by the repairs phase of the selling process, please know we are your partner for every step of the way. If you don’t know someone to hire to make a repair, don’t be concerned. We have relationships with tradespeople to fix anything your home may require.
For any questions specific to your transaction or the overall process, please reach out to us at 480.266.8785 or firstname.lastname@example.org.