November 10th, 2023 12:16 AM by Linda Holley
19,330 people read my blog the past 7 days about the lawsuit against top brokerages and the National Association of Realtors. This is a very hot topic...scroll down and read the blog.
Next topic: roofs! I'm seeing single family homes and villas on the market with the original roof being over 20 years old. A few years ago, I listed a lovely pool home for some friends in Nokomis, Florida in the Laurel Woods subdivision. It had a red hip tile roof that was over 20 years old. I was very worried, and some buyers were questioning the age of the roof. The seller got a roof inspection, indicating that that he was correct--this roof was in good shape. The home was purchased by a young couple getting a VA loan, and the roof inspection report was used by the VA inspector. I remember that was one happy inspector knowing he didn't have to crawl into the attic.
If you are putting your home on the market and it has an older roof, get a roof inspection. It may help sell your home faster and save you money during negotiations. If your buyer is getting a VA loan, their inspector may be able use your roof inspection report.
Wind Mitigation Reports. If you are buying a home and the homeowners association is responsible for the roof, you don't need a Wind Mitigation Inspection Report at the time you have your home inspected. If you're selling your home, a current Wind Mitigation Report may help sell your home.
I represented the buyers in a recent cash transaction where the tile roof was over 25 years old. A previous buyer walked away when he learned the cost to replace the roof in this very large home. Unfortunately, he discovered this after his due diligence (inspection period) expired. He lost his $20,000 earnest money deposit when he walked away. The seller laughingly told me, "That's a heck of a way to make money." My buyer was purchasing that same home "As-Is," but I knew he couldn't get insurance with active roof leaks. I amended the contract to get him out if he couldn't get insurance. Florida has an insurance addendum that I should have added to our original offer. Mighty Dog Roofing did the inspection for the Buyer and repairs for the Seller. The Seller was so stubborn! He kept saying, "I'm selling this home As-IS." Mr. Seller...does it make sense to lose a deal when the roof repairs will cost you just $1,200? Geez...this home was paid for, and he was making $750,000. What's wrong with people?? Citizens insured the property ONLY after certification from Mighty Dog Roofing that there were no active roof leaks. Highly recommend Mighty Dog Roofing!
Buyer purchased the home knowing that the roof would need to be replaced in the next few years.
Another buyer is under contract for a bank-owned villa. The homeowner's association (HOA) is responsible for repairing and replacing the roofs. There were roof leaks visible on the ceiling when we saw the home. It's being sold As-Is, and the bank required the HOA to repair the roof. Hughes Insurance Company is insuring that home. Highly recommend Hughes Insurance!
A different Buyer picked out a villa in a Venice subdivision last week. We noticed that there are many villas on the market there today. I did my research before the offer went in. State Farm wouldn't insure the home because they require that building permits be issued after March 2001. The building permit for this property was issued January 2001, which meant that this property is not built to the current Florida building code. Current owners may be struggling to find insurance today--perhaps this is why there are so many villas on the market today in that subdivision?
Buyers beware!
Friends called me this week about their roof that was damaged over a year ago during Hurricane Ian. Seems that their insurance company won't pay to have the roof replaced, despite the recommendations of a roofing company. I called Mighty Dog Roofing...they recommended getting a second opinion from a roofing company. I recommended filing a complaint with the Florida Department of Business and Professional Regulation against their insurance company and contacting Senator Marco Rubio's Tampa office. Senator Rubio once came through for me in a time of need.
I'm here to help you with your real estate needs in Sarasota, Venice, and North Port, Florida.
Linda Holley, Realtor, GRI, SRES, CIPS, Fine Properties, Sarasota Realtor, Sarasota, Florida
Phone: 941-914-4914
Website: LindaHRealtor.com
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