Best Realtor in Anna Maria Island
The Risk of Choosing the Wrong Realtor on Anna Maria Island
Quick Answer
The best realtor in Anna Maria Island is one who understands the unique challenges of this market and can navigate them effectively. Florida Statute 718 governs many condo transactions, and failing to understand it can lead to costly delays or even contract termination. For example, a buyer might discover too late that a condo association’s financial reserves are insufficient, leading to a lender’s refusal to approve the mortgage. If this is discovered late in the process, the buyer risks losing their deposit and the deal collapsing. Call me at 941.400.8735 or reach out directly to Michael Renick – I’ll share my approach with you.
What Actually Breaks Deals in Florida
Condo Association Financials
Florida Statute 718 requires condo associations to maintain adequate reserves, but many don’t. During a deal, when the condo questionnaire is returned, a lender might find the reserves insufficient, leading to a denial of the mortgage. This happened to a client who was ready to close, only to find out that the association’s financials were a mess. The consequence was a lost deposit and a deal that fell apart at the last minute.
Wow! I have to admit, I really struggled with the decision to go with a National Real Estate Company or one that was local. When I elected to work with Team Renick, I made the right decision. Mike and Eric know what is going on. Not only did I find them helpful with every step of the process so far, they both made themselves available even during off hours. A local company that understands the market is the best way to go. Mike has a unique approach to business….he actually listens to the customer and then delivers. I like that he doesn’t promise just anything. Every commitment he made to me was realistic and he kept it.
– sambrofon, Zillow Review
Insurance Binding Failures
Barrier-island properties like those on Anna Maria Island face unique insurance challenges. I’ve seen deals where insurance binders were denied just days before closing due to new underwriting guidelines. This can halt a transaction immediately, forcing buyers to scramble for alternative coverage or risk losing the property. The financial hit can be substantial, not to mention the stress and potential loss of the dream home.
Where It Usually Blows Up
The most brutal timing for deal-breaking issues is during the final underwriting stage. At this point, all parties expect a smooth closing, and any disruption can cause significant financial and emotional distress. Buyers or sellers can lose deposits, incur additional costs, or even face legal consequences if issues like insufficient condo reserves or insurance denials surface late in the process.
What I Tell Clients Before They Risk Money
- Understand Condo Financials: Always review the condo association’s financial reserves early in the process.
- Secure Insurance Early: Get an insurance binder well before closing to avoid last-minute denials.
- Check for Code Violations: Ensure there are no outstanding code violations that could delay closing.
- Review HOA Rules: Understand any HOA restrictions that could impact your use of the property.
- Prepare for Appraisal Gaps: Be ready to negotiate or cover any shortfall if the appraisal comes in low.
Let’s continue this conversation.
Call me at 941.400.8735 or schedule a 15-minute call. I’ll tell you what I would look for.
Call 941.400.8735 or Schedule a Call
Questions Clients Actually Ask
What happens if the condo reserves are insufficient?
If the condo reserves are found lacking, as per Florida Statute 718, lenders may refuse to approve the mortgage. This can lead to a deal falling apart, with the buyer potentially losing their deposit.
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
Can insurance issues really stop a deal?
Yes, especially on barrier islands like Anna Maria. If an insurance binder is denied close to closing, it can halt the transaction, forcing buyers to find alternative coverage quickly or risk losing the property.
What To Do Right Now
Secure a comprehensive condo questionnaire and insurance binder early in the process to identify potential deal-breaking issues before they escalate.
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