How to Speed Up Sales in Lakewood Ranch
Avoiding Six-Figure Mistakes in Lakewood Ranch Real Estate
Quick Answer
In Lakewood Ranch, mispricing your home or failing to address inspection issues can lead to significant financial losses or contract failures. Florida’s real estate transactions are governed by strict statutes, such as Florida Statute 720 for HOA regulations, and require adherence to insurance and lender underwriting standards. For example, failing to comply with an HOA’s estoppel requirements can delay closing and cost sellers thousands in penalties. Discovering these issues late in the process often results in forced renegotiations or even contract termination. 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 Failures
In Florida, securing insurance is a critical step that can make or break a deal. I’ve seen deals fall apart when buyers discover too late that their insurance binder was denied due to the age of the property or its proximity to the coast. This often happens during the underwriting process, leaving buyers scrambling to find alternative coverage or risk losing their deposit.
Purchasing a home can be a time-consuming and stressful venture: visiting prospective homes; identifying the pros and cons of each property; deciding which properties are right for you; final visit at these properties; making an offer (and counteroffer); dealing with the Sellers realtor; reviewing the Agreement For Sale; finding an attorney; finding a home inspection company; and acquiring home and flood insurance. Then the difficult task starts, working with a bank and filling out all the paperwork (Ugh!). Mike and Eric were very helpful throughout the process and kept us informed of our requirements and responsibilities for each deadline.
– bshea20047, Zillow Review
HOA Approval Bottlenecks
HOA approvals can be a hidden pitfall in Lakewood Ranch transactions. I once witnessed a deal collapse because the buyer didn’t realize the HOA required a 30-day approval process, which was not completed in time for closing. This oversight forced the buyer to either renegotiate the closing date or walk away, losing their earnest money deposit.
Appraisal Gaps
Appraisal issues are another common problem that can derail a sale. During one transaction, the appraisal came in significantly lower than the agreed purchase price, leading to a gap that the buyer was unprepared to cover. This situation often arises during the lender’s appraisal conditions review, causing delays and potential contract termination if not resolved quickly.
Where It Usually Blows Up
The inspection period is a critical stage where many deals face unexpected hurdles. This timing is brutal because it often reveals issues that require immediate attention, such as structural defects or code violations, which can lead to significant repair costs. Buyers or sellers who discover these problems late in the process may face closing delays, forced renegotiations, or even contract termination if the issues cannot be resolved satisfactorily.
What I Tell Clients Before They Risk Money
- Verify Insurance Coverage: Ensure your insurance binder is confirmed well before closing to avoid last-minute denials.
- Understand HOA Requirements: Review all HOA documents and approval timelines to prevent unexpected delays.
- Prepare for Appraisal Gaps: Have a financial cushion ready in case the appraisal comes in lower than expected.
- Conduct Thorough Inspections: Schedule comprehensive inspections early to identify and address potential issues.
- Review Statutory Disclosures: Familiarize yourself with Florida Statutes, such as 720 for HOAs, to ensure compliance and avoid penalties.
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
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 binder is denied?
If your insurance binder is denied, it can halt the entire transaction process. Florida’s Office of Insurance Regulation requires that properties meet certain criteria, and failure to secure coverage can lead to closing delays or even contract termination if alternative insurance cannot be obtained in time.
How do HOA approvals impact my closing timeline?
HOA approvals can significantly impact your closing timeline, especially if the association has lengthy review processes. In Lakewood Ranch, failing to obtain timely HOA approval can result in closing delays, which may lead to penalties or the need to renegotiate the contract terms.
What To Do Right Now
Request a copy of the HOA estoppel certificate and review it thoroughly to understand any financial obligations or approval processes that could impact your transaction. This document will outline any outstanding fees or requirements that must be addressed before closing.
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