Tucson Home Buyers Don’t Be Too Anxious
May 1, 2007
Post Tags: BINSR , Buyers-Inspection-Notice-Sellers-Response , Tucson-Home-Buyer-Caution
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Some of you might think I’m making this up. Honestly, I would never have thought of this one. It is true and it happened last summer right here in Tucson. I pass on this story as a bit of advise.
I know you will say “Who would ever do that?” Well someone did and it could have cost them some money. Fortunately they had a seller that found it amusing.
Our seller had the home on the market. An offer was made and accepted. The 10 day inspection period was about half over and the BINSR, Buyer’s Inspection Notice Seller’s Response had not yet been submitted by the buyer to the seller.
The BINSR
In a typical residential contract once an offer has been accepted a 10 day inspection period begins for the buyer. It is 10 days unless it is extended in the contract. During this time the buyer does all their inspections, Termite, Home, Radon, Mold, etc.
When the inspection are complete the buyer submits the BIN part with the things they want fixed or replaced. During the inspection period a buyer can cancel the contract without reason. It is their inspection period. Once the Inspection notice is given to the seller they have 5 days to respond.
They can agree to do everything requested, some thing requested or nothing at all.
If they agree to do everything the contract is now valid and binding. Anything else the buyer can cancel the contract.
A Buyer Slip
As stated above the inspection period was about half over when the postman delivered mail to the house for the prospective buyer. The buyer was so excited about having an accepted offer they immediately submitted a “Change of Address” card to the post office.
When the BINSR comes from the buyer our seller says, “I really don’t have to do anything do I, they are already going to move no matter what I do.” Yep, that pretty much summed it up. The buyer had tipped their hand to the seller.
Everything on the BINSR was already being addressed by our seller. Every request was reasonable. Our seller agreed to everything on the BINSR and the contract proceeded to close on time.
But, the seller could just as easily been one that is not reasonable. It could have cost the buyer thousands of dollars in the right situation.
Moral of the Story
You can fill out the change of address card, but I wouldn’t recommend turning it in till you have the house keys in your hand on the day the transaction is recorded.
Enjoy your new home. Oh, and find out where the mailbox is.
June 21st, 2008 at 3:38 pm
In this instant things turned out pretty good. I could only imagine if the seller decided that didn’t agree with part of the repairs. Sometimes buyer’s can do things without telling their agent, and suprises everyone with something so careless. Great story!