Best Realtor in Sarasota
The Real Risk of Choosing the Wrong Realtor in Sarasota
Quick Answer
The best realtor in Sarasota is one who knows how to navigate the local market’s unique challenges and avoid costly pitfalls. Florida’s real estate transactions are governed by specific statutes, such as Florida Statute 718 for condos, which can complicate deals if not expertly handled. For example, a condo questionnaire might reveal insufficient reserves, jeopardizing financing. Discovering this late can lead to contract termination and loss of deposits. 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 Approval Delays
The problem with condo association approvals is that they can bottleneck the closing process. Governed by Florida Statute 718, these approvals are crucial for ensuring the buyer meets the association’s criteria. In one deal, the approval process dragged on due to incomplete documentation, causing a two-week delay. The consequence was a frustrated buyer and potential loss of the earnest money deposit if the closing date wasn’t renegotiated.
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
Insurance binding on barrier islands like Longboat Key can be a nightmare due to coastal construction risks. The Office of Insurance Regulation oversees these policies, and I once saw a deal nearly collapse when an insurer refused to bind coverage days before closing. This forced the buyer to scramble for alternative insurance, risking the entire transaction. Without coverage, lenders won’t fund the mortgage, leading to potential contract termination.
Where It Usually Blows Up
The inspection period is where many deals fall apart, especially in older Sarasota properties. This stage is brutal because it often uncovers issues like outdated wiring or structural concerns that require costly repairs. If these problems surface late, buyers face renegotiations or even walking away, losing their inspection fees and potentially their deposits.
What I Tell Clients Before They Risk Money
- Understand Condo Rules: Review the condo association’s financials and rules early to avoid surprises.
- Secure Insurance Early: Start the insurance binding process as soon as possible, especially for barrier island properties.
- Prepare for Inspections: Budget for potential repairs and use the inspection period wisely to negotiate.
- Know Your Financing: Ensure your lender is familiar with local underwriting challenges and condo requirements.
- Watch for Appraisal Gaps: Be ready to renegotiate or cover differences 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 association denies my application?
If your application is denied, the deal can fall apart, leading to a loss of your deposit. Florida Statute 718 governs these processes, and it’s crucial to ensure your application is complete and meets all criteria.
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! JS
– schroder4, Zillow Review
How can I avoid insurance issues before closing?
Start the insurance process early and work with an agent familiar with Florida’s coastal risks. This proactive approach can prevent last-minute denials that could derail your closing.
What To Do Right Now
Review your potential property’s condo documents and insurance options before making an offer.
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