What You Should Know About the Real Estate Inspection Period
By Stu Samovitz, Realtor, HomeSmart Pros Real Estate
The Inspection period is one of the three major hurdles when purchasing a home. First of course, is the negotiation of the contract to purchase, and the third is the appraisal.
The buyer has an inspection period, usually 10 days to do any and all inspections, and other due diligence. Generally, there’s a full house inspection and a wood destroying organism (termite) inspection. During this period, the Buyer signs a form called the BINSR (Buyers Inspection Notice and Sellers Response). When the Buyer signs the BINSR, that ends the Buyers Inspection period.
The buyer has three choices on this form. Buyer can either Accept the property in its current condition, reject the property and receive any earnest monies back, or give the seller an opportunity to repair anything the buyer asks for.
The Seller has five days to respond. The Seller can accept the buyers request, Deny the request, or do a part of what Buyer asked for. Now the Buyer has five days to accept the sellers response or cancel the contract, and get their earnest monies refunded.
This is not as complicated as it seems, and I will be there to help, advise, and act in your behalf. Please call with any questions about anything concerning the Real Estate Business.
Stu Samovitz, Home Smart Pros Real Estate
“Your No Nonsense Realtor”