3 Inspection Red Flags in Longboat Key

Avoiding Six-Figure Mistakes: Inspection Red Flags in Longboat Key

What Actually Breaks Deals in Florida

Structural Deterioration

Milestone inspections, required by Florida Statute 553.899, often reveal structural deterioration in older buildings. I once witnessed a deal fall apart when a Phase Two inspection uncovered severe spalling in a condo’s foundation. The buyer was left with the choice of walking away or negotiating a hefty price reduction to cover repairs.

I just had to share the great experience I had working with Mike and his team. Mike’s candor, honesty and drive is exactly what I was looking for. It was so refreshing meeting someone that would tell me the truth and not something he thought that I wanted to hear. His work help me from making a big mistake on one of the properties! After all, I’m about to invest my dollars into multiple local properties. I needed a Broker that could help drive me in the right direction. The other point that was very important to me is that when I asked for something to get done, he never missed a beat. Each market analysis was professionally done! I can’t say enough nice things about this team! Bill

– deersbill, Zillow Review

Corrosion from Salt Air

In Longboat Key, the salt air accelerates corrosion in concrete and rebar, a fact often overlooked until it’s too late. During underwriting, a lender flagged a property for potential structural issues due to visible corrosion on the balconies. This led to a delayed closing and forced the buyer to secure additional funds for immediate repairs.

Incomplete Repairs or Missing Reports

Sellers are required to provide buyers with completed milestone inspection reports, but missing or incomplete documentation can derail a transaction. I had a client whose deal was jeopardized when the seller failed to complete necessary repairs outlined in the inspection. This oversight resulted in a failed recertification, putting the buyer’s deposit at risk.

Where It Usually Blows Up

These issues typically surface during the final stages of the transaction, often during the inspection period or underwriting. The timing is brutal because buyers have already invested time and money into the process, and discovering these red flags late can lead to significant financial losses or contract termination. When these problems arise just before closing, buyers may be forced to renegotiate terms or walk away, losing their deposit and incurring additional costs.

Mike’s candor, honesty and drive is exactly what I was looking for. It was so refreshing meeting someone that would tell me the truth and not something he thought that I wanted to hear. His work help me from making a big mistake on one of the properties! After all, I’m about to invest my dollars into multiple local properties. I needed a Broker that could help drive me in the right direction. The other point that was very important to me is that when I asked for something to get done, he never missed a beat. Each market analysis was professionally done! I can’t say enough nice things about this team! Bill

– deersbill, Zillow Review

What I Tell Clients Before They Risk Money

1. Review Milestone Inspection Reports: Ensure all reports are complete and up-to-date before making an offer.
2. Check for Structural Deterioration: Pay special attention to buildings over 30 years old, as required by Florida Statute 553.899.
3. Assess Corrosion Risks: Consider the impact of salt air on concrete and rebar, especially in coastal properties.
4. Verify Repair Completion: Confirm that all necessary repairs from previous inspections have been completed.
5. Understand Financial Implications: Be prepared for potential additional costs if issues are discovered late in the process.

Questions Clients Actually Ask

What is a milestone inspection and why is it important?

A milestone inspection is a mandatory evaluation of a building’s structural integrity, required by Florida Statute 553.899 for buildings over 30 years old. It’s crucial because it identifies potential safety risks and necessary repairs, which can prevent costly surprises during a real estate transaction.

How does salt air affect property value in Longboat Key?

Salt air accelerates corrosion in concrete and metal elements, leading to structural damage that can significantly decrease property value. If these issues are not addressed, they can result in expensive repairs and affect the property’s marketability and insurability.

What To Do Right Now

Request a copy of the latest milestone inspection report for any property you’re considering in Longboat Key. This document will provide insights into the building’s structural condition and any potential red flags that could impact your investment.

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To learn more about Michael and Team Renick:

I had been looking for a local condo for over a year and was very unhappy with the service. I had worked with three agents from three different national chains. None of the three seemed to know the market very well, took the time to understand what I’m looking for, and most importantly rarely followed up when they told me they would. I have never experience such a lazy approach to working with a buyer. Things changed when I met Mike and part of his team at their St. Armands office. The first thing Mike did was apologize for the poor service…even though it wasn’t his fault. I already knew that I found someone who help himself accountable. What a breath of fresh air! After spending about 30 minutes with me understanding what I was looking for, Mike introduced me to Eric. Between the two of them, they found five condos for me to look at. Each of the five, met my criteria. They actually did listen. I’m excited because we plan to submit an offer later today. The market analysis they prepared was thorough and easy for me to understand. I cannot recommend more highly any other realtors to work with. Thank you Mike and Eric!

– Jules Schroder, Google Review

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