Sarasota to Venice, Florida Homes and Condos

SEE >>  Kick Out Clause


The Pros and Cons of a 'Kick-Out' Clause

April 22, 2021

In this red-hot housing market, some sellers may be tempted to add a kick-out clause when countering an offer on their home. This type of contingency in a purchase agreement would allow a seller to continue to market their home even after they’ve accepted an offer. Buyers may want to proactively add this clause to their offer in order to make it more enticing.

Usually, this clause is added if the buyer has a contingency in their offer, such as needing to sell their current house to complete the home purchase. Essentially, a kick-out clause allows the seller to kick out the initial buyer’s offer if a preferable offer comes along.

“Every contract we negotiate where a buyer has to sell a property to purchase a property will have a kick-out clause or a contingency offer,” Ramona Williams, a real estate professional with Keller Williams Partners in Colorado Springs, Colo., told Clever in a recent article.

A kick-out clause may seem harsh, but some in the real estate industry say that it can benefit both sellers and buyers.

“The kick-out clause is used in both a buyer’s and seller’s market,” Redfin notes at its blog about the pros and cons of these clauses. “A kick-out clause ensures that the seller is not stuck in a drawn-out home sale in a buyer’s market; it keeps the buyer from having to carry two mortgages if they have trouble selling their house.”

The kick-out clause could prevent a buyer from taking on two mortgages if they have a contingency to sell their other home first. But the obvious con to these clauses for buyers is that they could lose out on a home if another buyer with a better offer comes along. Sellers typically must notify the initial buyer in writing if they do receive a more favorable offer—usually giving them a 72-hour window to make a decision. The buyer could choose to remove the kick-out clause and proceed with purchasing the property, or they could agree to forfeit the home. If they forfeit the home, they usually can receive their earnest money back, depending on the terms of the clause.

Also, if the first buyer sells their home within the contingency timeframe, the kick-out clause is void and sellers can no longer market the home to others, Quicken Loans explains about the clauses.

For a seller, these clauses allow them to continue to market their house. It can put them in a strong negotiating position since they already have an accepted offer, Redfin notes. But there are always risks of the second buyer backing out and the seller then losing the original and second offer. Also, houses actively marketed with a kick-out clause may be less attractive to buyers who know the original buyer could have a chance to match their offer, Quicken Loans notes.

Since drafting a kick-out clause can get complicated, a best practice is to have the clause reviewed by a broker or legal counsel before the parties sign the agreement. In addition, be sure that both the seller and buyer fully understand the terms of the kick-out clause, what triggers the clause, and what the parties’ rights are should the clause be activated. 

Read more about the nuances of kick-out clauses.

Posted by WILLIAM GARRISON on April 30th, 2021 8:39 AM

If you've been shopping for a Sarasota home or condo in the past few weeks, you've likely already noticed that the spring housing market is off to a hot start. Typically the time of year when home buyers and sellers get active after a long winter, spring is always busy - but this year is different. Not only is it the first spring market following a year of coronavirus restrictions and mitigation efforts, but a lower-than-normal number of homes for sale has led to some record breaking numbers.

Sarasota in March saw the number of days the typical home for sale was on the market dropped to 25 days, a record low. At the same time, the number of homes that sold above list price reached an all-time high. In other words, March saw one of the hottest Sarasota months of housing activity since at least 2012. Homes are selling quickly and competition among buyers means they're selling for more than homeowners are asking. This means Sarasota buyers have to be prepared to act fast and stay flexible when they see a property that fits their needs.

Posted by WILLIAM GARRISON on April 28th, 2021 8:23 AM

James, this is a Seller's Market and you need professional help. NO, Zillow won't help! Even though you somehow think because you have been in town 3 days, purchased a few homes in the past, and you are from the northeast you know everything. You really know nothing about this market and area and will probably make several stupid and costly mistakes. I'm a local real estate professional and Sarasota County has been my home for 35 years.


Posted by WILLIAM GARRISON on April 28th, 2021 7:18 AM

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HERE'S SOME INTERESTING FACT, INFORMATION AND FREE ACTIVITIES GOING ON IN SARASOTA COUNTY 

Siesta Key Crystal Classic >> https://www.youtube.com/watch?v=X6u6DdoJHFw

Offshore Boat Races >> https://sarasotapowerboatgrandprix.org/

Ski A Rees >> https://www.youtube.com/watch?v=lxszqwSPa2I

Benderson Park >> https://nathanbendersonpark.org/component/jevents/month.calendar/2021/03/30/-.html

https://www.visitsarasota.com/

https://www.tripadvisor.com.my/Attractions-g34618-Activities-Sarasota_Florida.html

https://sarasotapowerboatgrandprix.org/

https://www.scgov.net/government/parks-recreation-and-natural-resources

https://www.visitsarasota.com/sarasota-county-beaches-information

https://www.siestakeychamber.com/

https://www.valuesarasotahomes.com/Home

https://www.realtor.com/realestateagents/bill-garrison_venice_fl_1029737_862494817

https://www.census.gov/quickfacts/fact/table/sarasotacountyflorida/PST045219

https://en.wikipedia.org/wiki/Sarasota,_Florida




Posted by WILLIAM GARRISON on April 26th, 2021 10:47 AM

See all Sarasota County Homes priced from $300,000 to $350,000

Sarasota County Single Family Homes available for sale. All residences in Sarasota are within a short drive to the beach. With great schools and numerous free events, great shopping, and dining. Sarasota has been the #1 destination for retirement, vacation, and overall lifestyle changes   


Posted by WILLIAM GARRISON on April 26th, 2021 10:05 AM

Crazy times with 1/2 of the NE moving to Florida and Sarasota County. Below is a screen shot of an email I sent out to my newest buyers. 


Posted by WILLIAM GARRISON on April 7th, 2021 3:09 PM
Click>> Venice
 
Here's a Sample of the great values you will quickly find on our Venice fl
Real Estate Page

633 ALHAMBRA RD 705 VENICE FLORIDA 34285

(Mapped)
Price: $289,500
GREAT DEAL, GREAT VALUE !!! on this 2/2 gulf front condo with incredible views of the Gulf. Washer/Dryer in unit. Unit looks fresh and new comes with a 1 year homeowners warranty. Hurricane shutters.
Listing information courtesy of COLDWELL BANKER RESIDENTIAL R.E..
MLS# N5772783
MLS: MFRMLS
Bedrooms: 2
Bathrooms: 2
Square Ft.: 912
(Mapped)
Price: $289,900
Elegantly Turnkey-Furnished, 2 bed, 2 bath unit, with Beach Views from almost every room. Washer/Dryer in unit. Unit is bright and airy with a great rental history. Screened Lanai has fantastic view, ...
Listing information courtesy of COLDWELL BANKER RESIDENTIAL R.E..
MLS# N5770497
MLS: MFRMLS
Bedrooms: 2
Bathrooms: 2
Square Ft.: 912
(Mapped)
Price: $299,000
Wonderful piece of Paradise right out your front door. 2 bedroom condo, enclosed peaceful balcony, washer/dryer in condo, breakfast bar, close to quaint downtown Venice. Wake up every morning to the m ...
Listing information courtesy of SANDALS REALTY OF SARASOTA.
MLS# A3945740
MLS: MFRMLS
Bedrooms: 2
Bathrooms: 2
Square Ft.: 1284
(Mapped)
Price: $299,900
short sale. this is an immaculate 2br/2bt condo in gulf front complex situated in a quiet residential area. washer/dryer in unit. Secured building has lovely pool area and clubroom. 5 minutes to histo ...
Listing information courtesy of ERA PREFERRED PROP OF VENICE.
MLS# N5773204
MLS: MFRMLS
Bedrooms: 2
Bathrooms: 2
Square Ft.: 912
(Mapped)
Price: $329,800
FABULOUS views in a FABULOUS BEACHFRONT END UNIT 2 bedroom 2 bath condo. It boasts a new kitchen and updated master bath and is tastefully furnished. You can relax on the lanai and enjoy beautiful ...
Listing information courtesy of CENTURY 21 ALMAR & ASSOC INC.
MLS# N5772872
MLS: MFRMLS
Bedrooms: 2
Bathrooms: 2
Square Ft.: 1109
(Mapped)
Price: $349,000
THIS NICELY DECORATED 2BR, 2BT UNIT WITH GULF VIEW IS LOCATED IN HI-RISE GATED COMMUNITY WITH TENNIS COURTS, POOL AND STEPS TO BEACH. EXCELLENT SEASON ...
Listing information courtesy of ERA PREFERRED PROP OF VENICE.
MLS# N5772386
MLS: MFRMLS
Bedrooms: 2
Bathrooms: 2
Square Ft.: 1332
(Mapped)
Price: $349,000
At the end of the Venice Island, Bahia Vista complex is directly on the Gulf of Mexico! Tropically landscaped with beautiful mature banyan trees and other native tropicals, this condo is nestled in t ...
Listing information courtesy of SIGNATURE SOTHEBY'S INTL RLTY.
MLS# N5772572
MLS: MFRMLS
Bedrooms: 2
Bathrooms: 2
Square Ft.: 934
(Mapped)
Price: $349,000
GREAT PANORAMIC GULF VIEWS ON VENICE BEACH. This 2 bedroom, 2 bath condo has been meticulously maintained. It is a beach lovers delight. Walk out the sldiing glass door to the heated pool or the be ...
Listing information courtesy of RE/MAX ALLIANCE GROUP.
MLS# A3942836
MLS: MFRMLS
Bedrooms: 2
Bathrooms: 2
Square Ft.: 1208
(Mapped)
Price: $349,900
Beautiful full view of the Gulf Of Mexico from most room. The view will take your breath away. This is one of a few that has a screen room plus a 19x14 open balcony whitch can be entered form living r ...
Listing information courtesy of ERA PREFERRED PROP
Posted in:General
Posted by WILLIAM GARRISON on September 3rd, 2011 10:20 AM
Posted in:General
Posted by WILLIAM GARRISON on September 2nd, 2011 12:20 PM
Posted in:General
Posted by WILLIAM GARRISON on August 28th, 2011 11:02 AM
Unbelievable deals are to be had in The Oaks Club. We saw many wonderful homes there last week showing our new client from Sweden. This is true counrty club living and now these homes are priced within reach of many real estate buyers.
Posted in:General
Posted by WILLIAM GARRISON on July 4th, 2011 9:45 PM


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Sarasota, Venice, West Villages, Lakewood Ranch