After 30 days kicks in, a lot of Florida Home Buyers are going to find out whether they’re working with a professional agent or an imposter. PLEASE agents, educate yourself on the new 2021 Florida FARBAR Sales Contract. #homebuyers#swflrealestate #teamstacey #floridarealtor
I don’t think a lot of agents realize the fundamental change. Especially all the NEW agents. Since the Contract is between Buyer and Seller, where the Lender is NOT a party to the 2021 Florida FARBAR Sales Contract… So I asked local lender Tim Hart for any advice he could give to real estate agents so that we don’t put lenders like him in a position to not meet the changing demands in Section 8b 2021 Florida FARBAR Sales Contract? Specifically, where the appraisal hurdle must be completed in order for the Buyer to have “Loan Approval”? We’d always ask the lender before how many days they need for closing… and 30 days was always enough for loan approval, but is it enough now? Does this put the Buyer in a position where they need to order the appraisal before they complete their inspection period? For our Buyers Agents, we want to be sure that we’re in tune with the Lender’s Requirements so we don’t ask too much in too short of a window of time… But now for the Listing Side, which I am most often on, I kind of don’t mind a short time frame because once the appraisal gets ordered the Buyer is another $500 committed to the deal… and if we get to day 30 and the appraisal isn’t back and good, and the Buyer doesn’t give written notice they plan to proceed anyway (and Buyers Agents don’t know to do this)… then it gives my Seller 3 days to cancel on them…. in a market where we have Backup Offers knocking on our door (and beating the door down at times) it is tempting for the Seller to cancel on the Buyer and go with a higher offer. Which is terrible for the Buyer, especially if they didn’t know they were under the gun like that. May be geeky to most people, but this kind of stuff is very interesting to me because it is a HUGE change and I don’t think very many agents are going to realize it.
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