Arizona Sellers – How to prepare a BINSR Report
During the escrow period, your buyer will most likely have an inspection completed on the property. They will do this during the due diligence time period. Once the inspection is completed, the buyer will either accept the premises, reject the premises, or accept the premises subject to the request repairs being completed. A buyer will submit this information on the BINSR document. (this document is available to all AZ sellers through the private client area)
The BINSR is a document that allows the buyer to state their wishes. If the buyer accepts the property in its current condition, they sign the doc stating this and nothing more is needed. If the buyer rejects the premises, the escrow is cancelled. If the buyer accepts the premises subject to repairs, the seller then can negotiate through the form of the BINSR. A seller can choose to make these repairs, offer a credit instead of making the repairs, decline to make the repairs, etc… the buyer will then be able to respond to the seller accordingly. All of these negotiations are done through the 3 page document known as the BINSR. If you have any questions on how to fill out the BINSR doc or general questions about Arizona procedures, give us a call at 480 471 9393.