What is the BINSR Report?!? It's the Buyer's Inspection Notice and Seller's
Response and if you're selling your Arizona home, you need these tips!
Hey everybody, welcome back! I'm Lindsay with the Wise Move AZ Team at Realty ONE
Group. If you want to stay up to date on all things Anthem and real estate then
you need to hit that subscribe button. Pro Tip: You're also going to want to hit the little
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single Thursday. As your Anthem, Arizona REALTOR® I've worked with a number of
families to ensure a smooth sale of their home. A lot of work goes into
getting your home ready to sell and one of the key pieces is navigating the BINSR
process. As I mentioned at the start of this video,
BINSRis the abbreviated name we give to the Buyer's Inspection Notice and
Seller's Response document. If you want a copy up the BINSR in front of you
while we go through these tips, put me on pause really quick, jump down to the
description box below, download your copy, come right back and we'll go
through it together! It's okay, I'll wait! The BINSR is a two page document
that's completed at the end of the buyer's due diligence period, which unless
otherwise negotiated, ends 10 days after contract acceptance. Okay, so the buyers
completed all of their desired inspections... now what?! Now, they'll
complete the first page of the BINSR. The buyer has three options; they can #1:
Accept the premises, #2: Reject the premises altogether or, #3: They can give
the seller the opportunity to correct any disapproved items. Option number one
is not that common here in Anthem. The inspection usually reveals something
that ought to be corrected, repaired, or replaced, even if it's just something
small. Option number two is not that common either. Rarely will the buyer just
walk away from the sale altogether without giving the seller
the opportunity to correct the items they disapprove of. That being said, we've
seen it done. For example, if the buyer finds out that there's a sex offender
living next door and they have small children, there's really no amount of
work that you as the seller can do to make the property acceptable to them. So,
they'll likely cancel the contract. Option number three, giving the seller
the opportunity to correct the disapproved items is hands-down the most
common thing that we see. In this case, the buyer will make a list of items that
they want the seller to fix. This is usually done by making reference to the
inspection report or reports. Now, for the rest of this video let's assume that the
buyer went with option three, which means they've given you, the seller, a list of
items that they want you to repair, replace, or correct. You, as a seller, now
have three options. You can, #1 Agree to complete all of the requested repairs, #2
State that you're unable or unwilling to fix any of the items requested (i.e.
outright reject the request for repairs), or #3 You can provide them with a
list of items you are willing to fix. Again, at this stage, option three is the
most common, but the choice is yours! If you select options two or three, the
buyer still has the opportunity to cancel the contract. So, it's very
important that you approach these negotiations carefully and thoughtfully.
You don't want to lose the sale of your home because you're refusing to do a
small repair but at the same time you don't want to agree to do more than
what's reasonable based on the price of your home. So, what are our top five tips
for helping the seller successfully navigate the BINSR process?
#1: Stay on top of regular maintenance and repairs. If you stay on top of regular
maintenance and repairs of your home and keep it in good condition, there's less
for the buyer to ask for, and the less they ask for... the better! If you know you
haven't done a good job of maintaining your home, you may want to have it
inspected prior to listing, and complete some (or all) of the suggested repairs.
#2: Keep in mind that no home is perfect... including yours! Don't
set your expectations too high and hope that the buyers won't ask for any
repairs! This is unrealistic and sure to lead to disappointment.
Instead, take a look at your budget and decide what you can realistically invest
in repairs to get the sale to go through. Keep in mind that in most cases it's
better to work with the buyer you already have, rather than putting the
home back on the mark. #3: Don't take it personally. This one can be
tricky, especially if the buyer is asking you to fix something that you
lived with the entire time you owned the home. As hard as it is, put your feelings
aside and shift into business mode. This is a business decision and should be
treated as such. If you were in their shoes you'd probably be asking to have
some things repaired as well. #4: Get estimates before responding.
Sometimes BINSR repair requests can look long and scary when you first see
them, and your first instinct may be to get offended and refuse. Take a step back,
breathe, and take the time to get estimates for the items they are
requesting. You have five days to respond to the buyers request, so take your time.
You may be surprised to find out that the items are asking for don't actually
cost as much as you thought. #5: Keep it in perspective. This one is
tricky too, but it's so important. Like I said before, you don't want to lose the
sale of your home because you refuse to make a $20 repair but you also
don't want to spend way more than is necessary. When thinking about how much
you're willing to invest in repairs, you also want to consider how much it will
cost to put your home back on the market, there's a cost associated with the time
we lost on the market, there's also cost associated with having to hang on to the
house and all of the associated expenses for longer. What I'm saying is be
realistic and sensible when responding to the BINSR. So, there you have it! If
you haven't already grabbed your copy of the BINSR, pop down to
the description box below and click the link. If you enjoyed this video let me
know by hitting that like button, subscribing to our channel, and sharing
this video with your friends. See YOU next Thursday!