Best Realtor in Siesta Key

The Risk of Choosing the Wrong Realtor in Siesta Key

What Actually Breaks Deals in Florida

One major problem is the failure to secure proper insurance binding on barrier islands like Siesta Key. The Office of Insurance Regulation oversees these policies, and I’ve seen deals fall apart when insurance binders are denied just days before closing. In one case, a client faced a $15,000 increase in insurance premiums because the property was in a high-risk flood zone, which they discovered too late. This led to a forced renegotiation of the contract terms, putting the entire deal at risk.

We had a great recommendation for Mike Renick and Eric even before we were in the Sarasota area from a former client of his summering in Baltimore whom we happen to meet. When we decided to actively start looking for a place in the Sarasota area, I spoke to Mike over the phone and he was truly courteous and welcoming. When we came down in person, he first took the time to get to know my wife and I personally to better gauge what would work best for us. Since we had limited time, he was unsparing of his own time to efficiently but thoroughly show us the inventory that would work best for us. He patiently explained the pricing rational and the factors that go into these considerations. He helped us through the closing procedures and assisted us in issues such as homeowners and flood insurance. The bottom line– we bought a place that was utterly perfect for us due to his extraordinary effort. We met Eric toward the end of our process, as he was on vacation initially, but I could readily see he is a man of great knowledge and integrity and capability, as was Mike. I highly and without any reservation recommend Mike and Eric to anyone in the market for Sarasota area real estate. You will not be disappointed!

– Ronald ginsberg, Google Review

Another issue is the HOA approval bottleneck, governed by Florida Statute 720. During one transaction, the estoppel certificate revealed unexpected assessments that the buyer was unaware of, leading to a $10,000 shortfall. This discovery came during the final walkthrough, forcing the buyer to either cover the gap or walk away, losing their deposit.

Where It Usually Blows Up

These issues typically surface during the underwriting and final walkthrough stages. This timing is brutal because buyers have already invested time and money into inspections, appraisals, and moving plans. When problems arise at this late stage, buyers risk losing their deposits, facing unexpected costs, or having to renegotiate terms under pressure. Sellers, on the other hand, may face extended time on the market and potential price reductions if deals fall through.

What I Tell Clients Before They Risk Money

1. Verify Insurance Conditions: Confirm that your insurance binder is secured and valid for the property’s specific risk zone.
2. Review Condo Documents: Obtain and scrutinize all condo questionnaires and estoppel certificates early in the process.
3. Check HOA Assessments: Ensure there are no pending assessments or financial obligations that could impact your budget.
4. Understand Statutory Requirements: Familiarize yourself with Florida Statutes 718 and 720 to avoid legal pitfalls.
5. Prepare for Appraisal Gaps: Have a financial buffer ready in case the appraisal comes in lower than the purchase price.

Questions Clients Actually Ask

What happens if my insurance binder is denied?

If your insurance binder is denied, the lender will not approve the loan, which can lead to a delay or cancellation of the closing. This could result in losing your deposit and any fees paid for inspections or appraisals. It’s crucial to confirm insurance conditions early to avoid this risk.

We first met Eric when I requested more information about the apartment on Longboat Key. Eric’s response was the first one to hit my mailbox and the next day we were looking at the thoughtfully selected group of apartments. We were very impressed by Eric’s knowledge of the local real estate market and his professionalism. However, we didn’t buy anything at the time. With our permission, we’ve been added to the new inventory list and have been patiently waiting for our dream apartment. Six months later, Eric personally contacted me with the exciting news about the apartment that he felt would be perfect for us. Six weeks later, we were signing the papers in New York for our wonderful apartment on LBK. Eric was absolutely incredible during the negotiations and finalization process. He promptly responded to every single question or request we had. I’m recommending Eric to all our friends interested in purchasing a property in Sarasota area. Thank you, Eric!!!!

– delmanh, Zillow Review

How do HOA approvals affect my deal?

HOA approvals are critical because they can introduce unexpected assessments or restrictions that impact your financial obligations. If these issues are discovered late, you may face a forced renegotiation or even contract termination. Reviewing all HOA documents early can prevent these surprises.

What To Do Right Now

Request a copy of the estoppel certificate and review it for any hidden financial obligations or assessments. This document will reveal any pending dues or issues that could affect your transaction.

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To learn more about Michael and Team Renick:

https://www.teamrenick.com/

To search for local properties:

https://search.teamrenick.com/

To read more about what Michael shares with his clients:

https://blog.teamrenick.com/