Sarasota Real Estate News

Please see my Home Page and button "My Team" for a list of trusted local professionals for home repairs, insurance, tax, legal, and other services.  http://www.PalmerRanchLindaHolley.com 

My Open Houses:
Siesta Key, Gulf & Bay Bayside, 1269 Bayside, 2BR 2BA, 1,280 sq ft, $519,000, renovated/updated, 2 car garage, 2 heated pools, MLS A4122331 (late afternoons); deeded beach access and boat docks.
Country Club of Sarasota, 3BR 3-1/2 BA, private pool, 3,358 sq ft, 2 car garage, golf course view, $499,900, MLS A4110974 (tomorrow 1-4 PM).
You can find these properties on my home page by entering the MLS number in the search bar beginning with "A."

Closing Delays!
If you are buying or selling a home and the Buyer is getting a new mortgage, be aware of the new laws that protect consumers from mortgage fraud.  Obtaining a mortgage now takes longer.  As your realtor, I am aware of the deadlines required for Buyers to apply for a mortgage loan and for approval of the lender's documents, and I will follow through to be sure all parties comply.   The deadlines are strict and if anyone misses a deadline, the loan process starts over again--this WILL delay your closing!  The new Consumer Financial Protection Bureau (CFPB) audits the lending process and has already collected $82 billion in fines.  The days of closing a loan with a mortgage in 45 days are over...plan on 60 days to close after the effective date of your contract.

Sellers cause delays, too!  Please get your documentation together for me when your listing goes in.  If you are leaving furniture, make an inventory list of what stays; realtors are NOT allowed to do this for you.  If you are not here, then there are companies you can hire to do the inventory list for you.  Also, I will need your warranty deed, your last survey, and a copy of your latest mortgage statement, which will save your closing agent time estimating your loan payoff.  If you are a foreign buyer, contact a tax professional and know how the Foreign Investment in Real Property Tax Act (FRPTA) affects you. I recommend Shirley Fieber, CPA, Kerkering Barberio & Co., 941-365-4617.  Is there a Power of Attorney used for closing?  Your closing agent will need the original, not a copy.

Buyers: Decide in the beginning how you will take title...is this being set up as a Trust?   If you are a foreign buyer, you will need to go to the U.S. Embassy to get the documents notarized.  

Repairs.   Pay attention to the cost of repairs in the contract.  The contract automatically defaults to 1.5% of the purchase price.  I'm seeing again and again that Sellers are minimizing the cost of repairs at the time of contract, reducing the cost to $500 or even zero!!   Homes 10-20 years old may have old electrical panels that are not insurable and need to be replaced.  Air conditioners in Florida that are not regularly maintained have problems.  So I get my dander up when I hear a Seller say, "I'm not paying for repairs, there's nothing wrong with the property."  So just put on your boxing gloves and hammer this out with your new Buyer, and hope they don't walk away.  Sellers...you are probably not a licensed inspector, so please don't tell your realtor say that "There's nothing wrong with the house."  Be reasonable and allow at least $1,000 for repairs in an older home.

In the Community!  On October 31, 10:00 a.m., until 1:00 p.m., I am hosting an event with the Sarasota Special Olympics Team and the Venice Florida Corvette Club.   Lunch is provided by Chic Fil-A.  We could use some help signing in guests and helping serve lunch.  The Corvette Club will caravan in, and will be met with 25-30 local Special Olympics Team athletes and their families.  If approved, the athletes will ride in a short corvette parade.  This is my second annual event with the local Special Olympics team.  Kimberly Shipley with West Coast Insurance is a co-sponsor.  Please call me at 941-914-4914 if you would like to be a volunteer on October 31st.

Have a great weekend!

Linda