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Sunshine

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So we are trying to sell our B&B. We have decided to carry the business part of the loan our selves.
If any 'Future Innkeepers' are interested in our property, Please give us a call and we can talk about the details.
For info and pics you can go here: https://www.facebook.com/forsale519HighStBoonville/
 

EmptyNest

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Really? I would not be willing to carry loan. A friend of mine got screwed royally doing that and she had to declare bankruptcy and is still suffering over 5 years later. Seriously reconsider.
didnt you just post to y had someone who would buy it but couldn't afford the business: can't you try and work something out with her if you really really want to sell?
 

Lee2014

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About Empty Nest's comment, just carry the business part of the loan…. Just my thoughts.
 

Sunshine

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Really? I would not be willing to carry loan. A friend of mine got screwed royally doing that and she had to declare bankruptcy and is still suffering over 5 years later. Seriously reconsider.
didnt you just post to y had someone who would buy it but couldn't afford the business: can't you try and work something out with her if you really really want to sell?.
THANK YOU FOR CATCHING that guys! Yes, that is what I meant, I was in a hurry to post, and didn't get that in there. I'm so sorry. We are willing to carry the business part of the loan. I edited that to say so.
And the "interested" gal, she just said she 'isn't ready to do so yet.. seems she jumped the gun" :( Yes, I'm disappointed.
 

gillumhouse

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Really? I would not be willing to carry loan. A friend of mine got screwed royally doing that and she had to declare bankruptcy and is still suffering over 5 years later. Seriously reconsider.
didnt you just post to y had someone who would buy it but couldn't afford the business: can't you try and work something out with her if you really really want to sell?.
THANK YOU FOR CATCHING that guys! Yes, that is what I meant, I was in a hurry to post, and didn't get that in there. I'm so sorry. We are willing to carry the business part of the loan. I edited that to say so.
And the "interested" gal, she just said she 'isn't ready to do so yet.. seems she jumped the gun" :( Yes, I'm disappointed.
.
UGH
 

JimBoone

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I don't want to be negative, never said I was smart anyway, but if someone else carries the loan on the property and contents and holds the mortgage, what security do you have that ensures the business part of the loan will be repaid? Even if you have a second mortgage, suppose the buyer ruins the business and defaults, what happens then, I usually understood that the first mortgage got first claim and second or third mortgage only got what was left, if any. Again I'm no expert, just one that worries about details, wouldn't want to see you hurt.
 

Sunshine

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I don't want to be negative, never said I was smart anyway, but if someone else carries the loan on the property and contents and holds the mortgage, what security do you have that ensures the business part of the loan will be repaid? Even if you have a second mortgage, suppose the buyer ruins the business and defaults, what happens then, I usually understood that the first mortgage got first claim and second or third mortgage only got what was left, if any. Again I'm no expert, just one that worries about details, wouldn't want to see you hurt..
Thank you for your concern! You are correct. We are being careful.
 
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