Lenders are not involved in the BINSR process directly. We want to discuss how the BINSR and home inspection process affects a mortgage indirectly.
1. Buyer has 10 days by default on the Purchase contract to do their home inspection
2. Buyer uses the BINSR form to respond to the seller with any items they would like repaired or remedied
3. Seller has 5 days to reply to the buyers request
Lenders need to order the appraisal with no less than 21 days from the close of escrow…, that being said we typically like to wait to order the appraisal after the BINSR has been negotiated OR when we receive a clear signal that there are no deal killers in the home inspection. Lenders should have a conversation about this with buyers and buyers agent to set their expectations.
Buyer and Seller should finalize any seller concessions through the standard contract addendum and not through the BINSR. This helps us keep underwriters looking at the BINSR and any inspection issues with the home. That can open up a can of worms.
If you have any questions about this or if you have any questions you’d like us to answer on our podcast, you can email your questions to firstname.lastname@example.org or give us a call at (602) 535-2171. Be sure to ask us for a free quote on your next mortgage. We’ll personally work with you and help you through the whole process.
Thanks for listening and reading the Mortgage Brothers Show. Let us know if you have any questions you’d like us to answer on this podcast. You can email your questions to Tom@AZMortgageBrothers.com or Eddie@AZMortgageBrothers.com.
Be sure to ask us for a free quote on your next mortgage. We’ll personally work with you and help you through the whole process.
Signature Home Loans LLC does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. Signature Home Loans NMLS 1007154, NMLS #210917 and 1618695. Equal housing lender.BACK TO LIST