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Page 1 of 3 RESIDENTIAL BUYER S INSPECTION NOTICE AND SELLER S RESPONSE 1. Contract dated: Document updated: February 2011, 20 MONTH DAY YEAR 2. Seller: 3. Buyer: 4. Premises Address: BUYER INSPECTIONS

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What is the BINS Report Its theater's Inspection Notice and Seller's Response and if you're buying a home in Arizona you need these tips Hey everyone Welcome back I'm Lindsay with the Wise Move AZ Team at Realty ONE Group If you want to stay up to date on all things Anthem and real estate then you need to hit that subscribe button Tip You're also going to want to hit the little bell icon, so they're the first to know when our new videos are posted every single Thursday As your Anthem Arizona REALTOR I work with a number of families to ensure a smooth purchase of their home A lot of work goes into buying a home and one of theta pieces is navigating the BINS process As mentioned at the beginning of this video BINS is the abbreviated name we give to the Buyer's InspectionNotice and Sellers Response document If you want to have a copy of the BINSRdocument in front of you while we go through these tips put me on pause really quick jump down to the description box click the link and then come right back here so that we can go through it together It's okay I'll wait Ready The BINS is a two-page document that's completed at the end of the buyer's due diligence period which unless otherwise negotiated ends ten days after contract acceptance Okay let's assume that you the buyer completed all your desired inspections now what Now you'll complete the first page of the BINS with the help of your REALTOR You have three options you can#1 Accept the premises as is #2 Reject the premises altogether or #3 You can give the Seller the opportunity to correct the disapproved items Option ones not all that common here in Anthem The inspection usually reveals something that should be corrected repaired or replaced even if it's just something small Option two is not common either Rarely will the buyer walk away from the sale altogether without giving the Seller the opportunity to correct the items they disapprove That being said we've seen it done For example if you find out that there's a sex offender living next door, and you have small children there's really no amount of work that the seller can do to make the property acceptable to you, and therefore you will likely cancel the contract Option three giving the seller the opportunity to correct the disapproved items is hands-down the most common thing we have seen this case you the buyer will make a list of the items you want the seller to correct This is typically done by making reference to the inspection report or reports Now for the rest of this video let's assume that you went with option three, and you've given the seller a list of items that you want them to correct repair or replace The seller now has three options; they can #1 Agree to complete all requested repairs #2 State that they're unable or unwilling to complete any of the repairs i.e. they outright reject your request completely or #3 They can respond with a list of items that they are willing to fix Again in this situation option three is what we...

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