Inspection Costs in Longboat Key

Inspection Costs in Longboat Key: A Real Risk

What Actually Breaks Deals in Florida

Unforeseen Inspection Findings

The problem often arises when inspections uncover significant issues like structural damage or non-compliance with Florida Statute 553, which governs building codes. During one transaction, an inspection revealed that a condo lacked proper hurricane shutters, a requirement for insurance binding on barrier islands like Longboat Key. This discovery led to a renegotiation where the seller had to cover the cost of installation, or risk losing the buyer entirely.

We recently purchased a home in Sarasota, FL. We moved from Cleveland, OH so most of our research was done through emails. My husband had contacted Team Renick about 3 years prior and for those 3 years Mike Renick had sent us perspective houses that were for sale that fit our criteria. In 2019 after we retired, we came down to Florida in August for the purchase of our forever home. This is when we met Eric Teoh, part of Team Renick. Upon our meeting he had put together a portfolio of homes for us to look at. Not only is Eric professional but he treated us like family. He picked us up and took us around for a couple of days looking at houses to purchase. In a very short period of time we found exactly what we were looking for. We could not have been happier with the service we received from Eric and Team Renick. Living out of state made things a bit more challenging for us but Eric made it seem effortless. Thank you again to Eric and Mike! They are the best of the best!!

– danddnorman, Zillow Review

Insurance Binding Issues

Insurance companies, especially those operating under the Office of Insurance Regulation, can deny coverage if a property doesn’t meet specific criteria, such as wind mitigation standards. In one case, a buyer was ready to close when the insurance binder was denied due to outdated electrical systems discovered during inspection. This forced the buyer to either walk away or pay for immediate upgrades, risking their deposit.

Where It Usually Blows Up

The inspection period is where these issues typically surface, often just days before closing. This timing is brutal because buyers have already invested emotionally and financially, and sellers may have lined up their next purchase. When inspection issues arise late, buyers can lose their deposit if they can’t renegotiate terms, and sellers might face delays or even lose the sale altogether.

What I Tell Clients Before They Risk Money

1. Understand Inspection Scope: Know what your inspection covers and what it doesn’t – surprises can be costly.
2. Review Building Codes: Be aware of Florida Statute 553 requirements that could affect your property.
3. Check Insurance Needs: Ensure the property meets all criteria for insurance binding, especially on barrier islands.
4. Plan for Renegotiation: Be prepared to renegotiate if inspections reveal significant issues.
5. Secure Financing Early: Confirm that your lender’s conditions align with potential inspection findings.

Questions Clients Actually Ask

What if the inspection reveals major issues?

If major issues are discovered, you may need to renegotiate the contract terms or request repairs. Florida Statute 553 can affect what repairs are necessary to meet code, impacting both cost and timelines.

After looking at multiple possibilities for a vacation home in Florida I decided on Longboat Key. I had the very fortunate opportunity to work with Mike Renick and his team in finding the right place for myself and my family. Ihad heard positive things about Mike, but the services and supports he and his assistant, Eric, and the other team members offered went above and beyond even my expectations. They were available at all times to answer questions, research properties, and to offer numerous recommendations for all the services needed to make a purchase and to close quickly and efficiently. Whatever was needed, from e-signing forms to videoing the interior of a condo, was provided, so even when you were geographically far away, everything that needed to be done could be accomplished as if you were actually there. Emails, texts, and phone calls were returned quickly and you were always kept in the loop if any issues came up. I would enthusiastically recommend Mike Renick and his team for anyone looking for a real estate team. They are the ultimate professionals who do everything in their power to ensure that your needs are met quickly and effectively. Your satisfaction is their number one priority. I truly made the right choice when I picked them!!

– boscom, Zillow Review

Can I back out if the inspection is bad?

Yes, but it depends on the contract terms. If the inspection contingency is still active, you can usually withdraw without losing your deposit, but always check the specifics of your agreement.

What To Do Right Now

Schedule a comprehensive inspection with a reputable local inspector familiar with Longboat Key properties.

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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/