I'm STILL Aspiring...

INNspiring.com | Innkeeper Forum & Innkeeping Resources

Help Support INNspiring.com | Innkeeper Forum & Innkeeping Resources:

Gingerbread Latte

Well-known member
Joined
Jan 13, 2011
Messages
129
Reaction score
0
The bank decided they didn't like my proposal and wants me to raise my offer. The house is close to forclosure and I offered to SAVE them the trouble of paperwork at a reduced price. They didn't outright laugh at my offer and it took them 2 weeks to get back to me, so I think they seriously considered it.
I sincerely hope the owner can sell it at her asking price or even the payoff value. I've been on both sides of negotiations. My proposal was to buy her loan at a discount and let her off the hook. I understand the bank is just doing their job.
I told them to leave my proposal on the table, I'll use this time for due diligence and REMAIN an aspiring for a little longer.
 

gillumhouse

Moderator
Staff member
Moderator
Supporting Member
Joined
May 22, 2008
Messages
15,710
Reaction score
356
Good for you! Good answers. It is better to remain aspiring than to be pushed into something with more expense than you can take on. My philosophy is that IF it is right, it will work out. If not, then something better is waiting around the curve in the road we all walk. Leaving your offer on the table lets them know you are serious with the offer, but will not be "railroaded" into spending more than you can afford.
 

toddburme

Well-known member
Joined
Apr 21, 2010
Messages
733
Reaction score
0
Sounds like a short sale? Yep better to wait then pay too much. Sometimes as they get closer to the actual foreclosure, the bank will come back to you.
 

JBloggs

Moderator
Moderator
Joined
Oct 7, 2008
Messages
17,743
Reaction score
0
Hope it all comes out in the wash...whatever is best for YOU.
 

Gingerbread Latte

Well-known member
Joined
Jan 13, 2011
Messages
129
Reaction score
0
Thanks guys! Yes, Todd, I'm hoping it will happen that way. I can wait a lot longer than the bank can. First thing I learned in real estate, never fall in love with a property.
 

Joey Camb

Well-known member
Joined
Apr 2, 2010
Messages
4,793
Reaction score
0
plus there is nothing worce than being at the absolute tightest limit with money that you feel pushed into taking every single booking (PITA's and otherwise) and running yourself into the ground. It is better to wait we have a property at the back of us we would like to buy and use to expand but we are waiting for the price to come down. they have no serious offers and the bank isn't far off forclosing so it is a case of holding our nerve. It needs a lot of work and a lot of money spending so all the time helps us save our pennies as well.
 

agoodman

Well-known member
Joined
Oct 18, 2008
Messages
818
Reaction score
0
Yes hang in there, sadly the banks don't give a $hit because whatever they lose they just get back from the govt bailout funds
As you all know I tried to work with Wachovia for 2+ years before I had to declare bakruptcy to save the Inn, and I started working with them even before I was one penny in default. Not once did they even ask me if I could pay $20 / $100 / $200 more a month to catch up
Last month they DEFAULTED on responding to the bankruptcy courts so they LOST my 2nd morgage / home eq line worth DOUBLE what I was in arrears. Again they just get it back from bailout funds so THEY DON'T CARE.
Now is NOT the time to pay anything more than you can afford or that you worked out. My payment was quite affordable before the economy tanked and my credit was perfect.
Sadly there is a chace they will let that home go into foreclosure and get less for it than what you offered ..
 

Gingerbread Latte

Well-known member
Joined
Jan 13, 2011
Messages
129
Reaction score
0
Yes hang in there, sadly the banks don't give a $hit because whatever they lose they just get back from the govt bailout funds
As you all know I tried to work with Wachovia for 2+ years before I had to declare bakruptcy to save the Inn, and I started working with them even before I was one penny in default. Not once did they even ask me if I could pay $20 / $100 / $200 more a month to catch up
Last month they DEFAULTED on responding to the bankruptcy courts so they LOST my 2nd morgage / home eq line worth DOUBLE what I was in arrears. Again they just get it back from bailout funds so THEY DON'T CARE.
Now is NOT the time to pay anything more than you can afford or that you worked out. My payment was quite affordable before the economy tanked and my credit was perfect.
Sadly there is a chace they will let that home go into foreclosure and get less for it than what you offered ...
I'm sorry you had to go thru that. I hate that the current owner is in this position too. I've gotten to know her over the last month or so, she's done everything right (husband nutted up and ran off with bimbo.) She had to get a job to make ends meet and has neglected the Inn. Fortunately it's just a mattter of her not marketing it, she hasn't done anything bad to the reputation.
Bank is local, I've known the loan officer for years. He's really on her to get it sold at full price. That's his job. I've been approved for the loan at full price, so it's not that. I'm holding out for the 'bargin.' There are 2 other B&Bs on the market and several homes that would be perfect for that. (Don't really want to start from scratch.)
If the banks are reimbursed with bail-out money, why don't they just give me the discount and write off the difference? That's what's going to happen anyway.
Oh well, I believe in God's timing, so I'll continue to subject my family and friends to my culinary experimentations.... and make the Hubs do research by taking me to more B&Bs..... so it's all good!
 

gillumhouse

Moderator
Staff member
Moderator
Supporting Member
Joined
May 22, 2008
Messages
15,710
Reaction score
356
Yes hang in there, sadly the banks don't give a $hit because whatever they lose they just get back from the govt bailout funds
As you all know I tried to work with Wachovia for 2+ years before I had to declare bakruptcy to save the Inn, and I started working with them even before I was one penny in default. Not once did they even ask me if I could pay $20 / $100 / $200 more a month to catch up
Last month they DEFAULTED on responding to the bankruptcy courts so they LOST my 2nd morgage / home eq line worth DOUBLE what I was in arrears. Again they just get it back from bailout funds so THEY DON'T CARE.
Now is NOT the time to pay anything more than you can afford or that you worked out. My payment was quite affordable before the economy tanked and my credit was perfect.
Sadly there is a chace they will let that home go into foreclosure and get less for it than what you offered ...
I'm sorry you had to go thru that. I hate that the current owner is in this position too. I've gotten to know her over the last month or so, she's done everything right (husband nutted up and ran off with bimbo.) She had to get a job to make ends meet and has neglected the Inn. Fortunately it's just a mattter of her not marketing it, she hasn't done anything bad to the reputation.
Bank is local, I've known the loan officer for years. He's really on her to get it sold at full price. That's his job. I've been approved for the loan at full price, so it's not that. I'm holding out for the 'bargin.' There are 2 other B&Bs on the market and several homes that would be perfect for that. (Don't really want to start from scratch.)
If the banks are reimbursed with bail-out money, why don't they just give me the discount and write off the difference? That's what's going to happen anyway.
Oh well, I believe in God's timing, so I'll continue to subject my family and friends to my culinary experimentations.... and make the Hubs do research by taking me to more B&Bs..... so it's all good!
.
I was sent a video last week that explained that the bank MAKES money with the bailout. They get - I think it was - 80% of the original value plus whatever garnered in the sale. In the example in the video the bank made an extra $101k on the deal than they would have made at a full-price sale. THAT particular bank they spotlighted had been taken over by the Gvt and then sold to another bank controled by former Goldman-Sachs execs.....
 

Gingerbread Latte

Well-known member
Joined
Jan 13, 2011
Messages
129
Reaction score
0
Yes hang in there, sadly the banks don't give a $hit because whatever they lose they just get back from the govt bailout funds
As you all know I tried to work with Wachovia for 2+ years before I had to declare bakruptcy to save the Inn, and I started working with them even before I was one penny in default. Not once did they even ask me if I could pay $20 / $100 / $200 more a month to catch up
Last month they DEFAULTED on responding to the bankruptcy courts so they LOST my 2nd morgage / home eq line worth DOUBLE what I was in arrears. Again they just get it back from bailout funds so THEY DON'T CARE.
Now is NOT the time to pay anything more than you can afford or that you worked out. My payment was quite affordable before the economy tanked and my credit was perfect.
Sadly there is a chace they will let that home go into foreclosure and get less for it than what you offered ...
I'm sorry you had to go thru that. I hate that the current owner is in this position too. I've gotten to know her over the last month or so, she's done everything right (husband nutted up and ran off with bimbo.) She had to get a job to make ends meet and has neglected the Inn. Fortunately it's just a mattter of her not marketing it, she hasn't done anything bad to the reputation.
Bank is local, I've known the loan officer for years. He's really on her to get it sold at full price. That's his job. I've been approved for the loan at full price, so it's not that. I'm holding out for the 'bargin.' There are 2 other B&Bs on the market and several homes that would be perfect for that. (Don't really want to start from scratch.)
If the banks are reimbursed with bail-out money, why don't they just give me the discount and write off the difference? That's what's going to happen anyway.
Oh well, I believe in God's timing, so I'll continue to subject my family and friends to my culinary experimentations.... and make the Hubs do research by taking me to more B&Bs..... so it's all good!
.
I was sent a video last week that explained that the bank MAKES money with the bailout. They get - I think it was - 80% of the original value plus whatever garnered in the sale. In the example in the video the bank made an extra $101k on the deal than they would have made at a full-price sale. THAT particular bank they spotlighted had been taken over by the Gvt and then sold to another bank controled by former Goldman-Sachs execs.....
.
WOW! Could be that my bank is local or maybe it has to get to a certain point before all that bailout stuff kicks in.
I'm thinking since the bailout money was mine to start with, they should go ahead and give me the house....

 

gillumhouse

Moderator
Staff member
Moderator
Supporting Member
Joined
May 22, 2008
Messages
15,710
Reaction score
356
Yes hang in there, sadly the banks don't give a $hit because whatever they lose they just get back from the govt bailout funds
As you all know I tried to work with Wachovia for 2+ years before I had to declare bakruptcy to save the Inn, and I started working with them even before I was one penny in default. Not once did they even ask me if I could pay $20 / $100 / $200 more a month to catch up
Last month they DEFAULTED on responding to the bankruptcy courts so they LOST my 2nd morgage / home eq line worth DOUBLE what I was in arrears. Again they just get it back from bailout funds so THEY DON'T CARE.
Now is NOT the time to pay anything more than you can afford or that you worked out. My payment was quite affordable before the economy tanked and my credit was perfect.
Sadly there is a chace they will let that home go into foreclosure and get less for it than what you offered ...
I'm sorry you had to go thru that. I hate that the current owner is in this position too. I've gotten to know her over the last month or so, she's done everything right (husband nutted up and ran off with bimbo.) She had to get a job to make ends meet and has neglected the Inn. Fortunately it's just a mattter of her not marketing it, she hasn't done anything bad to the reputation.
Bank is local, I've known the loan officer for years. He's really on her to get it sold at full price. That's his job. I've been approved for the loan at full price, so it's not that. I'm holding out for the 'bargin.' There are 2 other B&Bs on the market and several homes that would be perfect for that. (Don't really want to start from scratch.)
If the banks are reimbursed with bail-out money, why don't they just give me the discount and write off the difference? That's what's going to happen anyway.
Oh well, I believe in God's timing, so I'll continue to subject my family and friends to my culinary experimentations.... and make the Hubs do research by taking me to more B&Bs..... so it's all good!
.
I was sent a video last week that explained that the bank MAKES money with the bailout. They get - I think it was - 80% of the original value plus whatever garnered in the sale. In the example in the video the bank made an extra $101k on the deal than they would have made at a full-price sale. THAT particular bank they spotlighted had been taken over by the Gvt and then sold to another bank controled by former Goldman-Sachs execs.....
.
WOW! Could be that my bank is local or maybe it has to get to a certain point before all that bailout stuff kicks in.
I'm thinking since the bailout money was mine to start with, they should go ahead and give me the house....

.
[FONT= &quot]fiercefreeleancer[/FONT]

[FONT= &quot]This is a YouTube (I think) that my cousin sent me. It was very interesting.[/FONT]
 

toddburme

Well-known member
Joined
Apr 21, 2010
Messages
733
Reaction score
0
Interesting video.It probaly does not apply in this case unless the local bank folded at some recent point.
 

Gingerbread Latte

Well-known member
Joined
Jan 13, 2011
Messages
129
Reaction score
0
Interesting video.It probaly does not apply in this case unless the local bank folded at some recent point..
The bank I'm dealing with has advertized that it hasn't taken any bail out money for anything. But they told me that there's "stimulus money" for new loans. I don't qualify for it b/c it's not a NEW loan. I'm pretty sure they just make up stuff every time I go in there.
They told me I could take out a mortgage on my current house (paid for), use the money to buy the B&B and then I would qualify for 4% and stimulus money. The results are the same, its just more paperwork. Seriously! Do they not feel like they're working unless its bogged down in paperwork?
And yes! The video makes me mad.
BTW, I offered 77% of the current loan amount.
 

Samster

Well-known member
Joined
May 30, 2008
Messages
6,475
Reaction score
14
Location
South Carolina
Hope it works out best for YOU! We went through several opportunities before we ended up with a startup B&B. Best of luck in the process.
 
Top