So much can happen in one week! The bank countered our last offer and after a little more negotiation we all agreed to the terms. (yay!) The only problem is that the bank would only give us a verbal commitment. Apparently this is very common from the bank owned homes, so we readily accepted. After acceptance we had 5 days to perform our home inspection, that was a little difficult to coordinate considering that two of the five days were Saturday and Sunday!
The other problem has been trying to solidify home owners insurance. In case no one told you, insurance is pretty hard to come by in Florida these days and insurance on a historic home is nearly impossible. After speaking with roughly 45 insurance agencies I received several quotes for insurance. But before I could breath a sigh of relief I would need to schedule a 4 point inspection to guarantee the quote would hold up. This took place over the course of a few days and before we knew it, our 5 days had expired (really 3 days!) without completing the home inspection. But honestly, why would I pay almost $500 for a home inspection on a home I can not insure?
So now we are waiting again. Our Realtor has communicated to the seller’s our dilemma but it seems to no avail. It also seems that during our 5 days of verbal agreement, they were accepting back up offers. The seller’s agent informed us that she has several new offers to show to the bank, so we will just have to wait and see if they will extend our agreement.
This whole process is SO frustrating!