THE MORTGAGE BROTHERS SHOW
Arizona BINSR Buyer Inspection Notice and Seller Response
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.