possible buyer

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07/23/2008

Had someone stop by, "unannounced" and said they were interested in buying and wanted a 'peek' inside. I went ahead, even tho the place was not "spic and span" (guests checked out and didn't have time to clean the rooms yet)! Didn't think I'd see this person ever again.

They just called and want to stay the night and see the "in's and outs" of running a B&B!

Does this mean they are seriously considering purchasing our place??? IDK... trying not to get my hopes up too high.

Any advice?? Do's ... Don'ts.... How much info do I give??

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Sunshine

 

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07/23/2008

Thank you everyone for your good advice (as always!!!).

Soooo glad I found this forum!!!

We are looking to purchase another B&B in our home state, after this one sells. So I won't be gone from the forum!

seashanty's picture
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06/02/2008

i had walk ups like that ... they'/d hear from someone in town that it was for sale

or they'd see the listing and, even though no for sale sign on the property, they'd quickly and easily figure it out and come over.

welcome to stay as paying guests .. but financial info or an inside look was only available to those who signed a confidentiality agreement, etc.  ( i wasn't involved with the pre qualifiying so i don't know how that was done )

not that i don't wish you all the best ... all who are trying to sell their properties.

but, seriously, i found it to be a royal pain to show while servicing guests. 

not just because of time involved, and the emotional roller coaster, but because the messy places, the off limit private spaces, all had to be shown. opening of cupboards, fridge, oven, dishwasher, linen closets, basement, attic, barn, the inspecting of my sleep and storage areas, wanting to know about what comes with it ... wanting to see financials.  asking questions while i was trying to cook ... you get me ... not easy!

that's why you only want to show to serious buyers by appointment.

 

 

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07/23/2008

She saw it was for sale on line. Said her and her husband are retired (he was in event planning). She said they are looking for something to do, because they are bored.

gillumhouse's picture
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05/22/2008

I would be leery of someone just walking up like that. I would not give out my financial, occupancy to anyone I had not checked out and verified. Things are just too scary these days with hacking and identity theft.

I cannot imagine anyone who is legit just showing up without even a phone call first.

Generic's picture
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02/24/2011

I agree, non-refundable deposit in escrow, and verified ability to get the mortgage before they get to see my numbers, along with a non-disclosure and non-compete clause (maybe 25 miles.)

Mortgage pre-qualification papers are easy enough to get from a bank. And if you are paying cash, the bank will also sign documents as to approximate wealth (usually in the number of figures with the words high, low or mid added in.)

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07/23/2008

I am going through a realtor, and I have thought of having her sign a confidentiality statement, but I had not thought of the Non-compete clause. THANK YOU!! I will definately do that.

And no, I won't show financials until they show a letter of qualification.

I do believe she is legit. I usually have a pretty good sense of people and their character.

Madeleine's picture
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09/29/2011

Sunshine wrote:

I am going through a realtor,

If this person who showed up out of the blue makes an offer, the realtor will still expect their cut. So, you might as well tell the person to call the realtor for all the details.

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06/24/2008

Madeleine wrote:

Sunshine wrote:

I am going through a realtor,

If this person who showed up out of the blue makes an offer, the realtor will still expect their cut. So, you might as well tell the person to call the realtor for all the details.

  yes, this is why you have a realtor.  

Breakfast Diva's picture
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05/26/2009

Eric Arthur Blair wrote:

I agree, non-refundable deposit in escrow, and verified ability to get the mortgage before they get to see my numbers, along with a non-disclosure and non-compete clause (maybe 25 miles.)

I agree with everything except for the non-refundable deposit. There would be no way as a buyer I would put down a non-refundable deposit before I knew what the revenue  and occupancy for the business was.

Generic's picture
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02/24/2011

I see your point. Not saying it needs to be a large amount, but you can't take back showing them your numbers, either. It's simply a way of showing good faith. Maybe a refundable deposit, but some show of good faith should be there.

Madeleine's picture
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09/29/2011

Definitely make sure they are qualified buyers. If you are FSBO you should have the forms for them to fill out for their financials and a non-disclosure statement so they don't blab to everyone.

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Joined:
06/24/2008

Take it you are selling by owner?  How did they find you? 

Before moving forward you should see that they are qualified buyers.  You should get a statment from their finanical co. that has approved them for up to $X of a loan.  Then verify it with the financial co. prior to anything else. 

You may be interested in selling your place but keep your smarts about you, there are a lot of scamers out there.  Get all the info and verify it BEFORE showing or doing anything further with these people. 

That said, I hope it all works out for you!

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