Real Estate Terminology BINSR

While the ins and out of real estate have never been more part of our popular culture thanks to the advent of HGTV and its long roster of home shows, there are still several technical and legal components of real estate that can be confusing to home buyers and home sellers.  For example, you’ve listed your home for sale, have negotiated with a potential buyer, and have entered into a contract to sell your home.  Now what?  The buyer will set up and pay for an inspection of your home, and based on the inspection report, will send you a BINSR.

pool seating area photoWhat is a BINSR?  This is a Buyer Inspection Notice and Seller Response, and this is the document the buyer uses to notify you, the seller, about the issues that exist with the home and the property.  The buyer typically has ten days after the inspection to deliver this BINSR to the seller. Typically, there are three things the buyer can do after the inspection of the seller’s home, according to the BINSR.  First, the buyer can indicate that they accept the premises completely, which means no further work needs to be done.  The second option is the buyer can reject the premises, which means the real estate transaction is cancelled.  The third option, which is the most common scenario, is the buyer “elects to provide the seller an opportunity to correct” whichever items from the inspection the buyer wants corrected before they take possession of the property.

This third option is where the buyer wants the seller to either repair, replace or change something based on the inspection report.  The seller, you, will then have 5 days in which to respond to the BINSR.  As the seller, you have three responses available.  The first response is that you agree to correct all inspection issues.  Your second available response is that you agree to no repairs.  (The buyer then will have the option to accept the property as-is, or to cancel the transaction altogether).  The final response is that you can itemize which items you are willing to repair, replace or change.  For example, you may agree to fix 75% of the items on the inspection report, but not a few of the other items because you disagree with the inspector’s conclusions.

At this point, the buyer can then choose to either accept or cancel based on the seller’s response to the BINSR.  While this is a very simplified explanation of the BINSR process, this is typically how this often-complicated portion of the real estate transaction proceeds.  I look forward to answering any questions you may have about any real estate related matters.

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Easy Ways to Update Your Older Home

How updated your home is will be one of the factors I will use to help you calculate what the best price for your home will be.  This calculation is based on a comparison to other homes in your neighborhood (ie, the comparables), as well as what updates you have already done to your home.  If you’re living in an older home, there are some easy ways to update your home to get it ready for sale.

One such way to update your older home is to replace your shower stall glass, first in your master bathroom, then in your secondary bathroom(s).  Even if you can’t remodel the entire bathroom, you at least should remove and replace any frosted shower panels that exist in your bathrooms.  Next up is replacing any older toilets, especially those older than 15 years.  These older toilets aren’t as efficient as newer models, plus new toilets are much more visually appealing.

An easy, and necessary, update to older homes is to change out any brass (especially shiny) hardware on your doors and cabinets.  Shiny and gold-toned brass is extremely out-of-date and will age your home in comparison to more modern antique brass, brushed nickel or even chrome hardware.  I can advise you as to which of these will do best in your home’s price point for sale.  As a corollary, any ceiling fans and light fixtures that contain old or outdated metal should also be swapped out for more modern versions.  These quick changes will instantly update your home for today’s market.

If you are able to go a step further, consider replacing any old fluorescent lighting in your home with recessed can lights.  Any lighting that is in a “box” in your kitchen ceiling or bathroom, and encased in sheets of plastic is not something today’s buyer wants.  Replacing these lights with recessed can lights and/or more modern lighting fixtures is actually a pretty economical cost proposition, especially with the returns it will give you when you sell your home.   Finally, if you still have popcorn ceilings, get rid of them.  They are easy to remove by yourself if they were installed post-1970s.  If they were installed in the 1970s, have a professional test the ceiling for asbestos content as they’ll need to do the removal and repair.  Any potential buyer won’t want to deal with the hassle of this, so it’s up to you.

Whatever you choose to do with an eye toward updating your older home, the results will be sure to help you maximize the final sale price of your home.  I’m available to consult with you about which fixes to tackle to help you to get the price you’d like.

Contact me at 602-329-7782 for staging tips.  Click here to get a free home value estimate.