September 3rd, 2022 12:12 AM by Linda Holley
Getting Financing for a Florida Condominium?
Banks are asking for more information when they finance Florida condos and they are serious. The lenders' condominium questionnaire has recently changed and that's not a bad thing. See my August 1 blog-- which was read by over 10,000 people in one week. After the Surfside Condominium collapse last year, the Florida legislature and insurance companies are tightening their grip around the condition and deferred maintenance of all Florida condominiums. See Florida Legislature
Condominium owners in older communities are tightening their grips around the necks of homeowners who question Board decisions to defer maintenance. It can get really ugly in older Florida condominium communities, folks.
I have a closing coming up next week that I hope will not be delayed because of the additional information required by the lender. Fortunately, the condominium is just 16 years old and is not within 3 miles of the coast. The revised lender questionnaire that the condominium Community Area Manager (CAM) is reluctant to answer asks about failed inspections and deferred maintenance. However, when she provides more details about the condition, inspections, special assessments, age, height, and location of this beautiful condominium community, that should be enough to get us to the closing table next week.
Real Estate Trends 2017-2022 - Sarasota County
"We sold a home like the one you are looking for in that price range back in 1968." The three most important words in real estate today are "LISTEN, LISTEN, LISTEN." If you get lost between home prices and "deja vu," the best you can do is listen to a good Realtor.
2017 was a great time to buy a home in Sarasota County. The ratio between original list price (OLP) and sales price was 96%, so there was a whole lot of negotiating going on. The COVID inventory shortages in the summer of 2020 began the trend of sellers getting more for their homes. By January 2021, the sellers were getting 100% of their original asking price. April 2022 was the highest ratio of sales price/original list price (102%). In July 2022, it leveled off to 100% and now we are at 98%, just a month later, so we are back to 2020 levels--very rapidly.
Call Linda Holley, by Golly, 941-914-4914, Fine Properties, for your Sarasota, Bradenton, and Venice, Florida real estate needs.
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