The Buyer’s Inspection Notice Seller Response (BINSR) is a document filled out by the buyer and their agent after all inspections and due diligence have been completed. It is usually a list of repair requests, compiled from the home inspection report, that the buyer wants the seller to repair prior to closing. Areas of concern will be determined during the inspection period. An example of a concern would be an air conditioning unit that seems to be on its last leg. We would have an estimate for the cost of a new unit to present to the seller, or as a suggested credit amount. If the seller is unwilling to make the requested repairs, giving the buyer a credit in lieu of those repairs is a compromise.
This can be considered the second step of negotiations, after negotiating the purchase price, and getting your offer accepted. This process can vary due to the buyer’s wants and needs. The seller has five days to give their response on any requests that you have made. The seller then has the option to accept your requests, or present a counter offer. After this step, the buyer can accept the seller’s response or cancel the contract altogether, and redeem your earnest deposit. Usually the seller’s agent and the buyer’s agent will come to a mutual agreement to keep the deal alive. This is where our knowledge and the knowledge of our trusted vendors help to come to a mutual agreement on repairs or a credit that makes our clients feel comfortable with moving forward in the transaction.
