September 20th, 2024 10:04 AM by Linda Holley
Is it time for an updated quote for homeowners and flood insurance in Florida? I'll refer you to a trusted insurance agent who will shop around for you. I highly recommend flood insurance--I have it although I don't live in a flood zone. Coverage for the contents (furniture, etc.) is additional with a flood insurance policy.
BUYERS beware! With the new changes in national real estate laws, buyers may believe they are better off working with a home's listing agent rather than negotiating for their own agent's brokerage compensation. That's a buyer's choice.... but if they don't know real estate contracts--and without their own agent--they are entering into a very complicated, legal process blindfolded. And homeowners insurance is just one example that can cause a real estate deal to fall apart. Are there protections in the contract if the property has issues in the 4-point inspection? That means that the AC, plumbing, roof, and electrical must all pass inspection AND buyers must know if they can get insurance during their due diligence period. What does that mean? Ask an attorney.
A buyer could potentially lose their earnest money deposit if they don't terminate their contract within the timeframes allowed in the contract. A buyer's agent can possibly save the deal or save the buyer money in the long run if it turns out that the property is not suitable. A buyer's agent can tell their customers and clients how many times that home has been on the market, if there were permits issued/closed, and how long the current seller has owned the home.
SELLERS: I recommend getting a roof inspection unless you have a newer roof. If you are selling your condo, get a copy of the condo association's wind mitigation report. Insurance companies want to see that the roof has several years of remaining life. An As-Is contract is a waste of time if the buyer can't get insurance. The buyer can terminate an As-Is contract for any or no reason within the inspection period. Mr. Seller...you have taken your home off the market and lost other potential buyers only to find that you have active roof leaks and buyers can't get insurance. If you have roof leaks, fix them. Disclose it. Get the roof inspected and a written report from a licensed roofing contractor that shows the remaining years' life.
Thank you for reading my blog and please let me know if I can answer any questions about real estate, or if you'd like a complimentary analysis of your home's value.
Best regards,
Linda Holley, Realtor, GRI, SRES, CIPS
William Raveis Real Estate
941-914-4914
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