Buyers Inspection Sellers Response otherwise known as the BINSR is where the buyer will do their own inspection and then give a list of repairs to you (the seller) for you to fix prior to closing.
As a seller you are entitled to agree to all the repairs, none of the repairs or some of the repairs. This is your call but typically I like to agree to everything that should and needs to be fixed as well as any items that I can do inexpensively.
If they are asking for a major repair that you do not feel is necessary, for example they want a new roof because the inspector thinks that it only has a few years left, or a new A/C unit for similar reasons (even though it is functioning fine at present), then I would suggest agreeing to everything else but the major repair.
Alternatively you can refuse to do anything but the major repair, depending on how strongly they feel about it. One of the keys is to have a good experienced realtor on your team that can run interference with the buyers agent and come to an amicable agreement for both parties.
However, there are often times where an inspector goes above and beyond their calling and decides to point out every minute detail of the house that is not perfect and what you end up with is a list of about 120 items that need repairing that can really freak out the buyer.
Despite the fact that these 120 items are easily repairable, often a buyer will cancel the deal for fear that the house they’re buying just has too many problems. A way to avoid this is to have a trusted contractor do a pre-inspection and fix all the obvious items that you are almost certainly going to end up fixing anyway.
This way when you are dealing with the BINSR it is likely that the buyer is going to get a relatively clean inspection (they always find something) and feel very good about the property they are buying, this in turn should lead to a smoother close and a lower rate of fall through on your contracts.
How do you handle the BINSR? Leave your comments below!
|Written by Luke Rosenberg, founder of It’s Flipping Simple|