In my last blog post I explored the question Do I need a home inspection? Now that we know a home inspection is a must, what do we do with that information?
The Arizona real estate purchase contract gives the buyer ten days after contract acceptance to to have an inspection performed on the property. After the inspection i completed the buyer needs to notify the seller through a Buyer Inspection Notice and Seller’s Response (BINSR) either they accept the property as is, want to ask for certain repairs to be made or are backing out of the deal all together. After the BINSR is delivered to the seller, the seller has five days to respond in writing if they will make the requested repairs or not. A failure to respond is deemed as a refusal to make the repairs.
If you are going to ask for repairs, make sure you ask for everything you want repaired at this time. You cannot decide you want the garbage disposal fixed now, then come back in another week and say you changed your mind and want the garage door repaired too. If you may want the repairs made, ask for it all at once.
The ten day inspection period gives you other opportunities to cancel the deal. Even if the home inspection came back perfect, that does not mean you do not have option. Maybe you did a little research on the Internet and found out there was a sex-offender a couple houses down and that was a concern to you. Maybe you found out from the neighbors there was a barking dog right next to you and he barks from 7am-5pm every day. You even could decided after looking into the school district a little more that was not where you wanted to send your kids.
The inspection period protects the buyer by providing them a chance to do their due diligence on everything that could concern them. It is there for you, so use it.