- Sep 14, 2008
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We finally made the decision to leave the B&B business! We are in our 14th year and have loved most everything about it! But we are ready to spend time with our grandkids.
We were listed for 5 months before we got an offer. That one fell thru and it’s probably for the best as the buyer more than would have defaulted on the loan due to being closed for Covid.It could take 2 months to 2 years to sell... being patient with the process. We have our first showing tomorrow afternoon.
Thanks for the suggestion about earnest money. The first showing may be interested but is not very realistic - we are a lifestyle operation. Getting rich is not going to happen. Plus they want to change part of the property into monthly rentals. The second showing was just curious couple with a small kid. Nope. Now, we are having a showing of more serious buyer in the next few weeks from out of state.We were listed for 5 months before we got an offer. That one fell thru and it’s probably for the best as the buyer more than would have defaulted on the loan due to being closed for Covid.
We removed the listing last year and immediately had two interested buyers. Neither of those worked out.
Went back on the market in January and had an offer in two weeks. It took five months to close. (That’s a whole other story…)
At the beginning the hardest thing was keeping our own space spotless. We were kind of used to being able to relax in our apartment. NOT when it’s for sale! At the end the hardest part was the stress of not knowing when, or if, we were ever going to close. (The closing date was moved four times.)
If I could suggest anything to you, make sure any earnest money is completely yours after a specified date/event. IE—after the inspection is accepted, or two weeks after the contract is accepted by both parties.
And, make sure every buyer is pre approved for the loan. Geez, I don’t know how many people wanted to look who then asked us to hold the loan!
Congratulations, Morticia! Those times that used to be taken up by B&B work will fill in fast. Sort of like taking your hand out of water! Soon you will wonder where you ever found the time to run that business and still have a life!We just made the leap! Be sure you have things lined up to do—Gomez is already, 5 days into retirement, attempting to drive me nuts. And it’s not that far a distance to go after 16 years of serving the public.