Best Agent in Casey Key
Avoid Six-Figure Mistakes on Casey Key
Quick Answer
The risk of losing your deposit or being forced to bring unexpected cash to the table is real when buying property on Casey Key. Florida Statute 718 governs condominium associations, which can derail a deal if not properly navigated. For example, a buyer might face a $50,000 shortfall if an appraisal comes in low and the lender refuses to finance the full amount. Discovering this issue late can mean either scrambling for funds or losing the property altogether. 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
Insurance Binding Denials
Three days before closing, an insurance binder can be denied due to the property’s location on a barrier island like Casey Key. The Office of Insurance Regulation oversees these policies, and without proper coverage, lenders will not release funds. In one case, a buyer was left scrambling to find alternative insurance, delaying the closing by weeks and risking their deposit.
Recently my husband and I bought a condo in Longboat Key. We initially chose Team Renick simply because they were representing a property we were interested in, but decided to stay with them because they were so attentive. Eric Teoh was the agent assigned to us and he was very efficient, always prompt, and extremely knowledgeable about every property on LBK. When the day came for the walk-thru of the property we decided to bid on, Eric actually helped me measure the walls and even noticed when I wrote the dimensions on the wrong parts of the floor plan. When we had our closing, our attorney was impressed that our realtor was providing us with such a good home warranty. And then there’s Team Renick’s contribution to the LBK nature conservancy for every sale they make. On every front, an outstanding realtor!
– LWGraboys, Zillow Review
Condo Association Approvals
When the estoppel certificate from the condo association reveals unexpected fees or pending assessments, it can kill a deal instantly. Governed by Florida Statute 718, these approvals are critical, and a delay or denial can force a buyer to walk away. I’ve seen buyers lose their deposits because they were unaware of these hidden financial obligations until it was too late.
Where It Usually Blows Up
The final walkthrough is often where hidden issues surface, such as uncompleted repairs or undisclosed damage. This timing is brutal because all other contingencies have been removed, leaving buyers with little leverage. If these problems are discovered late, buyers face the choice of accepting the property as-is or risking their deposit by backing out.
What I Tell Clients Before They Risk Money
- Check Insurance Availability: Confirm that you can secure a binding insurance policy for the property before making an offer.
- Review Condo Documents: Obtain and review all condo association documents, including financials and estoppel certificates, early in the process.
- Verify Appraisal Conditions: Ensure your lender’s appraisal conditions are met to avoid unexpected cash requirements.
- Understand HOA Rules: Familiarize yourself with any HOA rules and potential assessments that could affect your finances.
- Inspect Thoroughly: Conduct a comprehensive inspection and address any issues before removing contingencies.
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 my insurance is denied right before closing?
If your insurance is denied, your lender will not release funds, which can delay or even cancel the closing. This can result in losing your deposit or needing to find alternative insurance quickly, often at a higher cost.
How can condo association approvals affect my deal?
Condo association approvals can introduce unexpected fees or assessments that impact your financial obligations. If these are discovered late, you may face increased costs or even lose your deposit if you choose to walk away from the deal.
We recently purchased a condo on LBK. Eric is the reason. We were looking for several years. Eric is extremely knowledgable, professional, patient, kind, and most importantly, honest. As an example, his always gave his honest opinion of the price/value of a property instead of just supporting the list price in order to make a sale.
– Cynthia Tessler, Zillow Review
What To Do Right Now
Request a copy of the condo association’s estoppel certificate and review it for any hidden fees or pending assessments. This document will provide insights into the financial health of the association and any obligations you might inherit.
Get my monthly Market Brief — I track what is actually happening in Florida: pricing, inventory, insurance problems, and deals falling apart. Subscribe here
To learn more about Michael and Team Renick:
To search for local properties:
https://search.teamrenick.com/
To read more about what Michael shares with his clients:
