Requesting Proof of Funds

[happykeeper]

I am so exhausted from dealing with my realtor that I've drafted a letter (not sent yet) terminating our contract. Selling your home and your business is stressful enough, but I am finding myself more upset with the realtor's actions, or lack thereof, than anything else. I am basically holding her hand through this process - finding disclosure statements on line for her to supply buyers with (because their office has never used one!), repeating to her that I need pre-qualified parties before I release info (seriously have told her this at LEAST four times), and now she's questioning why I need these things, because well "No other business transaction that I've handled have ever requested these things". WTH?!?! This person is one of the top three realtors in the city. And their office is very well known. It's crazy scary how informal things are done around here.

I'm at my wit's end. I am a bit worried about scaring off the one prospective buyer that booked a couple of rooms for next week, but I can't keep dealing with this realtor. My plan is to phone her after firing the realtor and to let her know that I am no longer represented. I know there is a 30 day waiting period before I can sell to her without having to pay the realtor the commission, but I'm more worried about making her nervous and scaring her off.

Edited: The buyer that said he had cash and was told I needed a notarized statement from his bank stating same will not provide a letter as he claims his funds are tied up in stocks and bonds. So be it. Adios..

As we are putting together our 5 year exit plan, one of the questions I have had is whether there is any value in working with a national seller that specializes in inns and B&Bs. Did you do any looking at this concept before you went in the direction you went? I have found that there are a couple of on island realtors that work in niche markets. Do you think your area has anyone like that? I need to educate myself about this. Any thoughts you have would be appreciated.

 

[BananaE29]

I am so exhausted from dealing with my realtor that I've drafted a letter (not sent yet) terminating our contract. Selling your home and your business is stressful enough, but I am finding myself more upset with the realtor's actions, or lack thereof, than anything else. I am basically holding her hand through this process - finding disclosure statements on line for her to supply buyers with (because their office has never used one!), repeating to her that I need pre-qualified parties before I release info (seriously have told her this at LEAST four times), and now she's questioning why I need these things, because well "No other business transaction that I've handled have ever requested these things". WTH?!?! This person is one of the top three realtors in the city. And their office is very well known. It's crazy scary how informal things are done around here.

I'm at my wit's end. I am a bit worried about scaring off the one prospective buyer that booked a couple of rooms for next week, but I can't keep dealing with this realtor. My plan is to phone her after firing the realtor and to let her know that I am no longer represented. I know there is a 30 day waiting period before I can sell to her without having to pay the realtor the commission, but I'm more worried about making her nervous and scaring her off.

Edited: The buyer that said he had cash and was told I needed a notarized statement from his bank stating same will not provide a letter as he claims his funds are tied up in stocks and bonds. So be it. Adios..

As we are putting together our 5 year exit plan, one of the questions I have had is whether there is any value in working with a national seller that specializes in inns and B&Bs. Did you do any looking at this concept before you went in the direction you went? I have found that there are a couple of on island realtors that work in niche markets. Do you think your area has anyone like that? I need to educate myself about this. Any thoughts you have would be appreciated.
.

I spent a little time looking at national B&B brokers or consultants, but I guess I was trying to be quick and cheap about it. There are no local realtors here that specialize in niche markets, and apparently there are none that specialize in commercial transactions! My thought when going with local (and someone I thought knew how to handle business sales) was that I wouldn't have to deal with the curious and the dreamers. I thought she would screen them for me and when told what I needed, be able to do it. She is not.

I'm not real sure what my next step is, so I haven't thought much about going back to a national broker/consultant. I think you are smart to consider it.

 

[happykeeper]

I am so exhausted from dealing with my realtor that I've drafted a letter (not sent yet) terminating our contract. Selling your home and your business is stressful enough, but I am finding myself more upset with the realtor's actions, or lack thereof, than anything else. I am basically holding her hand through this process - finding disclosure statements on line for her to supply buyers with (because their office has never used one!), repeating to her that I need pre-qualified parties before I release info (seriously have told her this at LEAST four times), and now she's questioning why I need these things, because well "No other business transaction that I've handled have ever requested these things". WTH?!?! This person is one of the top three realtors in the city. And their office is very well known. It's crazy scary how informal things are done around here.

I'm at my wit's end. I am a bit worried about scaring off the one prospective buyer that booked a couple of rooms for next week, but I can't keep dealing with this realtor. My plan is to phone her after firing the realtor and to let her know that I am no longer represented. I know there is a 30 day waiting period before I can sell to her without having to pay the realtor the commission, but I'm more worried about making her nervous and scaring her off.

Edited: The buyer that said he had cash and was told I needed a notarized statement from his bank stating same will not provide a letter as he claims his funds are tied up in stocks and bonds. So be it. Adios..

As we are putting together our 5 year exit plan, one of the questions I have had is whether there is any value in working with a national seller that specializes in inns and B&Bs. Did you do any looking at this concept before you went in the direction you went? I have found that there are a couple of on island realtors that work in niche markets. Do you think your area has anyone like that? I need to educate myself about this. Any thoughts you have would be appreciated.
.

I spent a little time looking at national B&B brokers or consultants, but I guess I was trying to be quick and cheap about it. There are no local realtors here that specialize in niche markets, and apparently there are none that specialize in commercial transactions! My thought when going with local (and someone I thought knew how to handle business sales) was that I wouldn't have to deal with the curious and the dreamers. I thought she would screen them for me and when told what I needed, be able to do it. She is not.

I'm not real sure what my next step is, so I haven't thought much about going back to a national broker/consultant. I think you are smart to consider it.
.

Did you find a national concept was more expensive?
Our location impacts us- being in the big blue. That's what got me thinking about a hybrid type niche realtor who would know how to handle the business sale as well as have a semi-local presence. It makes me wonder who amongst us actually used a national type to buy a property? We definitely don't want to end up being somebody's tax write off for a trip to pair o dice.
On a different note: We did sell our previous house on our own and it worked out fine. I often think I might actually be able to put us out there in a way that perhaps only an innkeeper or an broker who knows inn-keeping could do and then invite buyer reps to their half of the commission, perhaps with them handling the paperwork. HA! It sounds so easy when you talk about it. It is obviously much tougher when you are in the middle of it. I'm sure you'll find the right direction. Did I miss what happened to the first person? Are they still interested? Are you firing before that plays out?

 

[Madeleine]

I am so exhausted from dealing with my realtor that I've drafted a letter (not sent yet) terminating our contract. Selling your home and your business is stressful enough, but I am finding myself more upset with the realtor's actions, or lack thereof, than anything else. I am basically holding her hand through this process - finding disclosure statements on line for her to supply buyers with (because their office has never used one!), repeating to her that I need pre-qualified parties before I release info (seriously have told her this at LEAST four times), and now she's questioning why I need these things, because well "No other business transaction that I've handled have ever requested these things". WTH?!?! This person is one of the top three realtors in the city. And their office is very well known. It's crazy scary how informal things are done around here.

I'm at my wit's end. I am a bit worried about scaring off the one prospective buyer that booked a couple of rooms for next week, but I can't keep dealing with this realtor. My plan is to phone her after firing the realtor and to let her know that I am no longer represented. I know there is a 30 day waiting period before I can sell to her without having to pay the realtor the commission, but I'm more worried about making her nervous and scaring her off.

Edited: The buyer that said he had cash and was told I needed a notarized statement from his bank stating same will not provide a letter as he claims his funds are tied up in stocks and bonds. So be it. Adios..

As we are putting together our 5 year exit plan, one of the questions I have had is whether there is any value in working with a national seller that specializes in inns and B&Bs. Did you do any looking at this concept before you went in the direction you went? I have found that there are a couple of on island realtors that work in niche markets. Do you think your area has anyone like that? I need to educate myself about this. Any thoughts you have would be appreciated.
.

I spent a little time looking at national B&B brokers or consultants, but I guess I was trying to be quick and cheap about it. There are no local realtors here that specialize in niche markets, and apparently there are none that specialize in commercial transactions! My thought when going with local (and someone I thought knew how to handle business sales) was that I wouldn't have to deal with the curious and the dreamers. I thought she would screen them for me and when told what I needed, be able to do it. She is not.

I'm not real sure what my next step is, so I haven't thought much about going back to a national broker/consultant. I think you are smart to consider it.
.

Did you find a national concept was more expensive?
Our location impacts us- being in the big blue. That's what got me thinking about a hybrid type niche realtor who would know how to handle the business sale as well as have a semi-local presence. It makes me wonder who amongst us actually used a national type to buy a property? We definitely don't want to end up being somebody's tax write off for a trip to pair o dice.
On a different note: We did sell our previous house on our own and it worked out fine. I often think I might actually be able to put us out there in a way that perhaps only an innkeeper or an broker who knows inn-keeping could do and then invite buyer reps to their half of the commission, perhaps with them handling the paperwork. HA! It sounds so easy when you talk about it. It is obviously much tougher when you are in the middle of it. I'm sure you'll find the right direction. Did I miss what happened to the first person? Are they still interested? Are you firing before that plays out?
.

We went with local business brokers in every state we looked in. Hospitality brokers where they were available, which was just about everywhere.
The ONE Realtor we worked with was annoying beyond belief. She had one b&b for sale but kept trying to drag us to see houses with 4 bedrooms that we could convert. Never even getting the point we tried to make that we wanted a business that was running, we could convert the house we owned, which WAS a b&b if that's what we wanted!
Even having a business broker, a lawyer and an accountant, stuff was missed. Including transfer of the website.
When we sell, we'll hire a local broker. It's a chunk of change, yes, but we'll be paying them to weed out the lookie lous. It's hard enough working this job without having to stop for someone who isn't even close to bring qualified.
I remember trying to sell my house and my kids were in college, no one making a mess or anything, but always having to be sure all my personal stuff was put away, everything clean, before I went to work each day.

 

[BananaE29]

I am so exhausted from dealing with my realtor that I've drafted a letter (not sent yet) terminating our contract. Selling your home and your business is stressful enough, but I am finding myself more upset with the realtor's actions, or lack thereof, than anything else. I am basically holding her hand through this process - finding disclosure statements on line for her to supply buyers with (because their office has never used one!), repeating to her that I need pre-qualified parties before I release info (seriously have told her this at LEAST four times), and now she's questioning why I need these things, because well "No other business transaction that I've handled have ever requested these things". WTH?!?! This person is one of the top three realtors in the city. And their office is very well known. It's crazy scary how informal things are done around here.

I'm at my wit's end. I am a bit worried about scaring off the one prospective buyer that booked a couple of rooms for next week, but I can't keep dealing with this realtor. My plan is to phone her after firing the realtor and to let her know that I am no longer represented. I know there is a 30 day waiting period before I can sell to her without having to pay the realtor the commission, but I'm more worried about making her nervous and scaring her off.

Edited: The buyer that said he had cash and was told I needed a notarized statement from his bank stating same will not provide a letter as he claims his funds are tied up in stocks and bonds. So be it. Adios..

As we are putting together our 5 year exit plan, one of the questions I have had is whether there is any value in working with a national seller that specializes in inns and B&Bs. Did you do any looking at this concept before you went in the direction you went? I have found that there are a couple of on island realtors that work in niche markets. Do you think your area has anyone like that? I need to educate myself about this. Any thoughts you have would be appreciated.
.

I spent a little time looking at national B&B brokers or consultants, but I guess I was trying to be quick and cheap about it. There are no local realtors here that specialize in niche markets, and apparently there are none that specialize in commercial transactions! My thought when going with local (and someone I thought knew how to handle business sales) was that I wouldn't have to deal with the curious and the dreamers. I thought she would screen them for me and when told what I needed, be able to do it. She is not.

I'm not real sure what my next step is, so I haven't thought much about going back to a national broker/consultant. I think you are smart to consider it.
.

Did you find a national concept was more expensive?
Our location impacts us- being in the big blue. That's what got me thinking about a hybrid type niche realtor who would know how to handle the business sale as well as have a semi-local presence. It makes me wonder who amongst us actually used a national type to buy a property? We definitely don't want to end up being somebody's tax write off for a trip to pair o dice.
On a different note: We did sell our previous house on our own and it worked out fine. I often think I might actually be able to put us out there in a way that perhaps only an innkeeper or an broker who knows inn-keeping could do and then invite buyer reps to their half of the commission, perhaps with them handling the paperwork. HA! It sounds so easy when you talk about it. It is obviously much tougher when you are in the middle of it. I'm sure you'll find the right direction. Did I miss what happened to the first person? Are they still interested? Are you firing before that plays out?
.

Did I miss what happened to the first person? Are they still interested? Are you firing before that plays out?

Their response to a request for a notarized letter from their bank was that their funds were tied up in stocks and bonds and they had no plans to liquidize until they decide to proceed. They went on to say that they were looking at two other B&Bs and those sellers had no problem releasing financial information with only a non disclosure statement. They also responded that if that were an issue for me, they were not able to move forward. The realtor responded back that I still wanted a statement or notarized letter of some sort. That was around noon today, and I haven't heard anything yet.

When my realtor told me of this response, I stuck to my guns and said I still wanted something that showed they could afford this property. Her response? "Well, you probably just lost this sale then". You have no idea how badly I wanted to say "Well, you just lost your client." She has questioned everything I'm asking for, yet continually says "I just want to do what you want me to do." Really? Then why am I repeating it every freaking time we get a new inquiry?

I still haven't sent the email to her. It's just sitting on the computer staring at me while I make 100% sure this is what I want to do.

 

[happykeeper]

I am so exhausted from dealing with my realtor that I've drafted a letter (not sent yet) terminating our contract. Selling your home and your business is stressful enough, but I am finding myself more upset with the realtor's actions, or lack thereof, than anything else. I am basically holding her hand through this process - finding disclosure statements on line for her to supply buyers with (because their office has never used one!), repeating to her that I need pre-qualified parties before I release info (seriously have told her this at LEAST four times), and now she's questioning why I need these things, because well "No other business transaction that I've handled have ever requested these things". WTH?!?! This person is one of the top three realtors in the city. And their office is very well known. It's crazy scary how informal things are done around here.

I'm at my wit's end. I am a bit worried about scaring off the one prospective buyer that booked a couple of rooms for next week, but I can't keep dealing with this realtor. My plan is to phone her after firing the realtor and to let her know that I am no longer represented. I know there is a 30 day waiting period before I can sell to her without having to pay the realtor the commission, but I'm more worried about making her nervous and scaring her off.

Edited: The buyer that said he had cash and was told I needed a notarized statement from his bank stating same will not provide a letter as he claims his funds are tied up in stocks and bonds. So be it. Adios..

As we are putting together our 5 year exit plan, one of the questions I have had is whether there is any value in working with a national seller that specializes in inns and B&Bs. Did you do any looking at this concept before you went in the direction you went? I have found that there are a couple of on island realtors that work in niche markets. Do you think your area has anyone like that? I need to educate myself about this. Any thoughts you have would be appreciated.
.

I spent a little time looking at national B&B brokers or consultants, but I guess I was trying to be quick and cheap about it. There are no local realtors here that specialize in niche markets, and apparently there are none that specialize in commercial transactions! My thought when going with local (and someone I thought knew how to handle business sales) was that I wouldn't have to deal with the curious and the dreamers. I thought she would screen them for me and when told what I needed, be able to do it. She is not.

I'm not real sure what my next step is, so I haven't thought much about going back to a national broker/consultant. I think you are smart to consider it.
.

Did you find a national concept was more expensive?
Our location impacts us- being in the big blue. That's what got me thinking about a hybrid type niche realtor who would know how to handle the business sale as well as have a semi-local presence. It makes me wonder who amongst us actually used a national type to buy a property? We definitely don't want to end up being somebody's tax write off for a trip to pair o dice.
On a different note: We did sell our previous house on our own and it worked out fine. I often think I might actually be able to put us out there in a way that perhaps only an innkeeper or an broker who knows inn-keeping could do and then invite buyer reps to their half of the commission, perhaps with them handling the paperwork. HA! It sounds so easy when you talk about it. It is obviously much tougher when you are in the middle of it. I'm sure you'll find the right direction. Did I miss what happened to the first person? Are they still interested? Are you firing before that plays out?
.

Did I miss what happened to the first person? Are they still interested? Are you firing before that plays out?

Their response to a request for a notarized letter from their bank was that their funds were tied up in stocks and bonds and they had no plans to liquidize until they decide to proceed. They went on to say that they were looking at two other B&Bs and those sellers had no problem releasing financial information with only a non disclosure statement. They also responded that if that were an issue for me, they were not able to move forward. The realtor responded back that I still wanted a statement or notarized letter of some sort. That was around noon today, and I haven't heard anything yet.

When my realtor told me of this response, I stuck to my guns and said I still wanted something that showed they could afford this property. Her response? "Well, you probably just lost this sale then". You have no idea how badly I wanted to say "Well, you just lost your client." She has questioned everything I'm asking for, yet continually says "I just want to do what you want me to do." Really? Then why am I repeating it every freaking time we get a new inquiry?

I still haven't sent the email to her. It's just sitting on the computer staring at me while I make 100% sure this is what I want to do.
.

It does sound like a dilemma and I am not sure what we would do if we were in the middle of it. I think given what our place would cost, I would just expect that a serious buyer would be able to provide a qualifying sheet. Wouldn't that include these stocks and bonds? Wouldn't a bank pre-qualify them? I guess, not being where you are, makes it kind hard to understand in the little big picture.
Having said all my qualifying double talk, I just can't see us disclosing our business financials without both a non-disclosure statement and pre-qualifying sheet.

 

[happykeeper]

I am so exhausted from dealing with my realtor that I've drafted a letter (not sent yet) terminating our contract. Selling your home and your business is stressful enough, but I am finding myself more upset with the realtor's actions, or lack thereof, than anything else. I am basically holding her hand through this process - finding disclosure statements on line for her to supply buyers with (because their office has never used one!), repeating to her that I need pre-qualified parties before I release info (seriously have told her this at LEAST four times), and now she's questioning why I need these things, because well "No other business transaction that I've handled have ever requested these things". WTH?!?! This person is one of the top three realtors in the city. And their office is very well known. It's crazy scary how informal things are done around here.

I'm at my wit's end. I am a bit worried about scaring off the one prospective buyer that booked a couple of rooms for next week, but I can't keep dealing with this realtor. My plan is to phone her after firing the realtor and to let her know that I am no longer represented. I know there is a 30 day waiting period before I can sell to her without having to pay the realtor the commission, but I'm more worried about making her nervous and scaring her off.

Edited: The buyer that said he had cash and was told I needed a notarized statement from his bank stating same will not provide a letter as he claims his funds are tied up in stocks and bonds. So be it. Adios..

As we are putting together our 5 year exit plan, one of the questions I have had is whether there is any value in working with a national seller that specializes in inns and B&Bs. Did you do any looking at this concept before you went in the direction you went? I have found that there are a couple of on island realtors that work in niche markets. Do you think your area has anyone like that? I need to educate myself about this. Any thoughts you have would be appreciated.
.

I spent a little time looking at national B&B brokers or consultants, but I guess I was trying to be quick and cheap about it. There are no local realtors here that specialize in niche markets, and apparently there are none that specialize in commercial transactions! My thought when going with local (and someone I thought knew how to handle business sales) was that I wouldn't have to deal with the curious and the dreamers. I thought she would screen them for me and when told what I needed, be able to do it. She is not.

I'm not real sure what my next step is, so I haven't thought much about going back to a national broker/consultant. I think you are smart to consider it.
.

Did you find a national concept was more expensive?
Our location impacts us- being in the big blue. That's what got me thinking about a hybrid type niche realtor who would know how to handle the business sale as well as have a semi-local presence. It makes me wonder who amongst us actually used a national type to buy a property? We definitely don't want to end up being somebody's tax write off for a trip to pair o dice.
On a different note: We did sell our previous house on our own and it worked out fine. I often think I might actually be able to put us out there in a way that perhaps only an innkeeper or an broker who knows inn-keeping could do and then invite buyer reps to their half of the commission, perhaps with them handling the paperwork. HA! It sounds so easy when you talk about it. It is obviously much tougher when you are in the middle of it. I'm sure you'll find the right direction. Did I miss what happened to the first person? Are they still interested? Are you firing before that plays out?
.

We went with local business brokers in every state we looked in. Hospitality brokers where they were available, which was just about everywhere.
The ONE Realtor we worked with was annoying beyond belief. She had one b&b for sale but kept trying to drag us to see houses with 4 bedrooms that we could convert. Never even getting the point we tried to make that we wanted a business that was running, we could convert the house we owned, which WAS a b&b if that's what we wanted!
Even having a business broker, a lawyer and an accountant, stuff was missed. Including transfer of the website.
When we sell, we'll hire a local broker. It's a chunk of change, yes, but we'll be paying them to weed out the lookie lous. It's hard enough working this job without having to stop for someone who isn't even close to bring qualified.
I remember trying to sell my house and my kids were in college, no one making a mess or anything, but always having to be sure all my personal stuff was put away, everything clean, before I went to work each day.
.

Forgive my ignorance- business broker? local broker? real estate broker? hospitality broker? I have to get myself an education on these differences.

 

[Breakfast Diva]

I am so exhausted from dealing with my realtor that I've drafted a letter (not sent yet) terminating our contract. Selling your home and your business is stressful enough, but I am finding myself more upset with the realtor's actions, or lack thereof, than anything else. I am basically holding her hand through this process - finding disclosure statements on line for her to supply buyers with (because their office has never used one!), repeating to her that I need pre-qualified parties before I release info (seriously have told her this at LEAST four times), and now she's questioning why I need these things, because well "No other business transaction that I've handled have ever requested these things". WTH?!?! This person is one of the top three realtors in the city. And their office is very well known. It's crazy scary how informal things are done around here.

I'm at my wit's end. I am a bit worried about scaring off the one prospective buyer that booked a couple of rooms for next week, but I can't keep dealing with this realtor. My plan is to phone her after firing the realtor and to let her know that I am no longer represented. I know there is a 30 day waiting period before I can sell to her without having to pay the realtor the commission, but I'm more worried about making her nervous and scaring her off.

Edited: The buyer that said he had cash and was told I needed a notarized statement from his bank stating same will not provide a letter as he claims his funds are tied up in stocks and bonds. So be it. Adios..

As we are putting together our 5 year exit plan, one of the questions I have had is whether there is any value in working with a national seller that specializes in inns and B&Bs. Did you do any looking at this concept before you went in the direction you went? I have found that there are a couple of on island realtors that work in niche markets. Do you think your area has anyone like that? I need to educate myself about this. Any thoughts you have would be appreciated.
.

I spent a little time looking at national B&B brokers or consultants, but I guess I was trying to be quick and cheap about it. There are no local realtors here that specialize in niche markets, and apparently there are none that specialize in commercial transactions! My thought when going with local (and someone I thought knew how to handle business sales) was that I wouldn't have to deal with the curious and the dreamers. I thought she would screen them for me and when told what I needed, be able to do it. She is not.

I'm not real sure what my next step is, so I haven't thought much about going back to a national broker/consultant. I think you are smart to consider it.
.

Did you find a national concept was more expensive?
Our location impacts us- being in the big blue. That's what got me thinking about a hybrid type niche realtor who would know how to handle the business sale as well as have a semi-local presence. It makes me wonder who amongst us actually used a national type to buy a property? We definitely don't want to end up being somebody's tax write off for a trip to pair o dice.
On a different note: We did sell our previous house on our own and it worked out fine. I often think I might actually be able to put us out there in a way that perhaps only an innkeeper or an broker who knows inn-keeping could do and then invite buyer reps to their half of the commission, perhaps with them handling the paperwork. HA! It sounds so easy when you talk about it. It is obviously much tougher when you are in the middle of it. I'm sure you'll find the right direction. Did I miss what happened to the first person? Are they still interested? Are you firing before that plays out?
.

Did I miss what happened to the first person? Are they still interested? Are you firing before that plays out?

Their response to a request for a notarized letter from their bank was that their funds were tied up in stocks and bonds and they had no plans to liquidize until they decide to proceed. They went on to say that they were looking at two other B&Bs and those sellers had no problem releasing financial information with only a non disclosure statement. They also responded that if that were an issue for me, they were not able to move forward. The realtor responded back that I still wanted a statement or notarized letter of some sort. That was around noon today, and I haven't heard anything yet.

When my realtor told me of this response, I stuck to my guns and said I still wanted something that showed they could afford this property. Her response? "Well, you probably just lost this sale then". You have no idea how badly I wanted to say "Well, you just lost your client." She has questioned everything I'm asking for, yet continually says "I just want to do what you want me to do." Really? Then why am I repeating it every freaking time we get a new inquiry?

I still haven't sent the email to her. It's just sitting on the computer staring at me while I make 100% sure this is what I want to do.
.

How about a certified letter from their accountant? The accountant knows where all the money is over multiple banks and investments.
So, they are looking at the financials of 2 other B&Bs? I think your gut feeling is right. How serious can this guy be if you're just one of many in the running? Next it's going to be him trying to pit the price of one property against the other.

 

[BananaE29]

I am so exhausted from dealing with my realtor that I've drafted a letter (not sent yet) terminating our contract. Selling your home and your business is stressful enough, but I am finding myself more upset with the realtor's actions, or lack thereof, than anything else. I am basically holding her hand through this process - finding disclosure statements on line for her to supply buyers with (because their office has never used one!), repeating to her that I need pre-qualified parties before I release info (seriously have told her this at LEAST four times), and now she's questioning why I need these things, because well "No other business transaction that I've handled have ever requested these things". WTH?!?! This person is one of the top three realtors in the city. And their office is very well known. It's crazy scary how informal things are done around here.

I'm at my wit's end. I am a bit worried about scaring off the one prospective buyer that booked a couple of rooms for next week, but I can't keep dealing with this realtor. My plan is to phone her after firing the realtor and to let her know that I am no longer represented. I know there is a 30 day waiting period before I can sell to her without having to pay the realtor the commission, but I'm more worried about making her nervous and scaring her off.

Edited: The buyer that said he had cash and was told I needed a notarized statement from his bank stating same will not provide a letter as he claims his funds are tied up in stocks and bonds. So be it. Adios..

As we are putting together our 5 year exit plan, one of the questions I have had is whether there is any value in working with a national seller that specializes in inns and B&Bs. Did you do any looking at this concept before you went in the direction you went? I have found that there are a couple of on island realtors that work in niche markets. Do you think your area has anyone like that? I need to educate myself about this. Any thoughts you have would be appreciated.
.

I spent a little time looking at national B&B brokers or consultants, but I guess I was trying to be quick and cheap about it. There are no local realtors here that specialize in niche markets, and apparently there are none that specialize in commercial transactions! My thought when going with local (and someone I thought knew how to handle business sales) was that I wouldn't have to deal with the curious and the dreamers. I thought she would screen them for me and when told what I needed, be able to do it. She is not.

I'm not real sure what my next step is, so I haven't thought much about going back to a national broker/consultant. I think you are smart to consider it.
.

Did you find a national concept was more expensive?
Our location impacts us- being in the big blue. That's what got me thinking about a hybrid type niche realtor who would know how to handle the business sale as well as have a semi-local presence. It makes me wonder who amongst us actually used a national type to buy a property? We definitely don't want to end up being somebody's tax write off for a trip to pair o dice.
On a different note: We did sell our previous house on our own and it worked out fine. I often think I might actually be able to put us out there in a way that perhaps only an innkeeper or an broker who knows inn-keeping could do and then invite buyer reps to their half of the commission, perhaps with them handling the paperwork. HA! It sounds so easy when you talk about it. It is obviously much tougher when you are in the middle of it. I'm sure you'll find the right direction. Did I miss what happened to the first person? Are they still interested? Are you firing before that plays out?
.

Did I miss what happened to the first person? Are they still interested? Are you firing before that plays out?

Their response to a request for a notarized letter from their bank was that their funds were tied up in stocks and bonds and they had no plans to liquidize until they decide to proceed. They went on to say that they were looking at two other B&Bs and those sellers had no problem releasing financial information with only a non disclosure statement. They also responded that if that were an issue for me, they were not able to move forward. The realtor responded back that I still wanted a statement or notarized letter of some sort. That was around noon today, and I haven't heard anything yet.

When my realtor told me of this response, I stuck to my guns and said I still wanted something that showed they could afford this property. Her response? "Well, you probably just lost this sale then". You have no idea how badly I wanted to say "Well, you just lost your client." She has questioned everything I'm asking for, yet continually says "I just want to do what you want me to do." Really? Then why am I repeating it every freaking time we get a new inquiry?

I still haven't sent the email to her. It's just sitting on the computer staring at me while I make 100% sure this is what I want to do.
.

How about a certified letter from their accountant? The accountant knows where all the money is over multiple banks and investments.
So, they are looking at the financials of 2 other B&Bs? I think your gut feeling is right. How serious can this guy be if you're just one of many in the running? Next it's going to be him trying to pit the price of one property against the other.
.

So, they are looking at the financials of 2 other B&Bs? I think your gut feeling is right. How serious can this guy be if you're just one of many in the running? Next it's going to be him trying to pit the price of one property against the other.

And one of them is in this same town, is two times the size and two times the price. With two times as much needed maintenance that has been deferred for years, a bad reputation, and really shoddy marketing. This prospective buyer does not know what he wants, and has not done his homework, in my opinion. I enjoyed talking with them, they were nice people, but they are barely past the "dreamer" stage.

 

[Madeleine]

I am so exhausted from dealing with my realtor that I've drafted a letter (not sent yet) terminating our contract. Selling your home and your business is stressful enough, but I am finding myself more upset with the realtor's actions, or lack thereof, than anything else. I am basically holding her hand through this process - finding disclosure statements on line for her to supply buyers with (because their office has never used one!), repeating to her that I need pre-qualified parties before I release info (seriously have told her this at LEAST four times), and now she's questioning why I need these things, because well "No other business transaction that I've handled have ever requested these things". WTH?!?! This person is one of the top three realtors in the city. And their office is very well known. It's crazy scary how informal things are done around here.

I'm at my wit's end. I am a bit worried about scaring off the one prospective buyer that booked a couple of rooms for next week, but I can't keep dealing with this realtor. My plan is to phone her after firing the realtor and to let her know that I am no longer represented. I know there is a 30 day waiting period before I can sell to her without having to pay the realtor the commission, but I'm more worried about making her nervous and scaring her off.

Edited: The buyer that said he had cash and was told I needed a notarized statement from his bank stating same will not provide a letter as he claims his funds are tied up in stocks and bonds. So be it. Adios..

As we are putting together our 5 year exit plan, one of the questions I have had is whether there is any value in working with a national seller that specializes in inns and B&Bs. Did you do any looking at this concept before you went in the direction you went? I have found that there are a couple of on island realtors that work in niche markets. Do you think your area has anyone like that? I need to educate myself about this. Any thoughts you have would be appreciated.
.

I spent a little time looking at national B&B brokers or consultants, but I guess I was trying to be quick and cheap about it. There are no local realtors here that specialize in niche markets, and apparently there are none that specialize in commercial transactions! My thought when going with local (and someone I thought knew how to handle business sales) was that I wouldn't have to deal with the curious and the dreamers. I thought she would screen them for me and when told what I needed, be able to do it. She is not.

I'm not real sure what my next step is, so I haven't thought much about going back to a national broker/consultant. I think you are smart to consider it.
.

Did you find a national concept was more expensive?
Our location impacts us- being in the big blue. That's what got me thinking about a hybrid type niche realtor who would know how to handle the business sale as well as have a semi-local presence. It makes me wonder who amongst us actually used a national type to buy a property? We definitely don't want to end up being somebody's tax write off for a trip to pair o dice.
On a different note: We did sell our previous house on our own and it worked out fine. I often think I might actually be able to put us out there in a way that perhaps only an innkeeper or an broker who knows inn-keeping could do and then invite buyer reps to their half of the commission, perhaps with them handling the paperwork. HA! It sounds so easy when you talk about it. It is obviously much tougher when you are in the middle of it. I'm sure you'll find the right direction. Did I miss what happened to the first person? Are they still interested? Are you firing before that plays out?
.

We went with local business brokers in every state we looked in. Hospitality brokers where they were available, which was just about everywhere.
The ONE Realtor we worked with was annoying beyond belief. She had one b&b for sale but kept trying to drag us to see houses with 4 bedrooms that we could convert. Never even getting the point we tried to make that we wanted a business that was running, we could convert the house we owned, which WAS a b&b if that's what we wanted!
Even having a business broker, a lawyer and an accountant, stuff was missed. Including transfer of the website.
When we sell, we'll hire a local broker. It's a chunk of change, yes, but we'll be paying them to weed out the lookie lous. It's hard enough working this job without having to stop for someone who isn't even close to bring qualified.
I remember trying to sell my house and my kids were in college, no one making a mess or anything, but always having to be sure all my personal stuff was put away, everything clean, before I went to work each day.
.

Forgive my ignorance- business broker? local broker? real estate broker? hospitality broker? I have to get myself an education on these differences.
.

Forgive my ignorance- business broker? local broker? real estate broker? hospitality broker? I have to get myself an education on these differences.

Around these parts... Business brokers help with the buying and selling of businesses and/or business properties. Hospitality brokers help with the buying and selling of strictly hospitality properties.
Local brokers of either sort actually live in the area so they know the bankers/lawyers/town officials and can grease the wheels if need be.
Real estate brokers are usually Realtors who usually sell homes, not businesses.
Some Realtors wear multiple hats gracefully. Others, like banana's, do not.

 

[BananaE29]

I am so exhausted from dealing with my realtor that I've drafted a letter (not sent yet) terminating our contract. Selling your home and your business is stressful enough, but I am finding myself more upset with the realtor's actions, or lack thereof, than anything else. I am basically holding her hand through this process - finding disclosure statements on line for her to supply buyers with (because their office has never used one!), repeating to her that I need pre-qualified parties before I release info (seriously have told her this at LEAST four times), and now she's questioning why I need these things, because well "No other business transaction that I've handled have ever requested these things". WTH?!?! This person is one of the top three realtors in the city. And their office is very well known. It's crazy scary how informal things are done around here.

I'm at my wit's end. I am a bit worried about scaring off the one prospective buyer that booked a couple of rooms for next week, but I can't keep dealing with this realtor. My plan is to phone her after firing the realtor and to let her know that I am no longer represented. I know there is a 30 day waiting period before I can sell to her without having to pay the realtor the commission, but I'm more worried about making her nervous and scaring her off.

Edited: The buyer that said he had cash and was told I needed a notarized statement from his bank stating same will not provide a letter as he claims his funds are tied up in stocks and bonds. So be it. Adios..

As we are putting together our 5 year exit plan, one of the questions I have had is whether there is any value in working with a national seller that specializes in inns and B&Bs. Did you do any looking at this concept before you went in the direction you went? I have found that there are a couple of on island realtors that work in niche markets. Do you think your area has anyone like that? I need to educate myself about this. Any thoughts you have would be appreciated.
.

I spent a little time looking at national B&B brokers or consultants, but I guess I was trying to be quick and cheap about it. There are no local realtors here that specialize in niche markets, and apparently there are none that specialize in commercial transactions! My thought when going with local (and someone I thought knew how to handle business sales) was that I wouldn't have to deal with the curious and the dreamers. I thought she would screen them for me and when told what I needed, be able to do it. She is not.

I'm not real sure what my next step is, so I haven't thought much about going back to a national broker/consultant. I think you are smart to consider it.
.

Did you find a national concept was more expensive?
Our location impacts us- being in the big blue. That's what got me thinking about a hybrid type niche realtor who would know how to handle the business sale as well as have a semi-local presence. It makes me wonder who amongst us actually used a national type to buy a property? We definitely don't want to end up being somebody's tax write off for a trip to pair o dice.
On a different note: We did sell our previous house on our own and it worked out fine. I often think I might actually be able to put us out there in a way that perhaps only an innkeeper or an broker who knows inn-keeping could do and then invite buyer reps to their half of the commission, perhaps with them handling the paperwork. HA! It sounds so easy when you talk about it. It is obviously much tougher when you are in the middle of it. I'm sure you'll find the right direction. Did I miss what happened to the first person? Are they still interested? Are you firing before that plays out?
.

We went with local business brokers in every state we looked in. Hospitality brokers where they were available, which was just about everywhere.
The ONE Realtor we worked with was annoying beyond belief. She had one b&b for sale but kept trying to drag us to see houses with 4 bedrooms that we could convert. Never even getting the point we tried to make that we wanted a business that was running, we could convert the house we owned, which WAS a b&b if that's what we wanted!
Even having a business broker, a lawyer and an accountant, stuff was missed. Including transfer of the website.
When we sell, we'll hire a local broker. It's a chunk of change, yes, but we'll be paying them to weed out the lookie lous. It's hard enough working this job without having to stop for someone who isn't even close to bring qualified.
I remember trying to sell my house and my kids were in college, no one making a mess or anything, but always having to be sure all my personal stuff was put away, everything clean, before I went to work each day.
.

Forgive my ignorance- business broker? local broker? real estate broker? hospitality broker? I have to get myself an education on these differences.
.

Forgive my ignorance- business broker? local broker? real estate broker? hospitality broker? I have to get myself an education on these differences.

Around these parts... Business brokers help with the buying and selling of businesses and/or business properties. Hospitality brokers help with the buying and selling of strictly hospitality properties.
Local brokers of either sort actually live in the area so they know the bankers/lawyers/town officials and can grease the wheels if need be.
Real estate brokers are usually Realtors who usually sell homes, not businesses.
Some Realtors wear multiple hats gracefully. Others, like banana's, do not.
.

Some Realtors wear multiple hats gracefully. Others, like banana's, do not.

Exactly. I thought I would be ok with a real estate broker who claimed she had handled multiple business sales. Do your homework and avoid the frustration.

 

[happykeeper]

I am so exhausted from dealing with my realtor that I've drafted a letter (not sent yet) terminating our contract. Selling your home and your business is stressful enough, but I am finding myself more upset with the realtor's actions, or lack thereof, than anything else. I am basically holding her hand through this process - finding disclosure statements on line for her to supply buyers with (because their office has never used one!), repeating to her that I need pre-qualified parties before I release info (seriously have told her this at LEAST four times), and now she's questioning why I need these things, because well "No other business transaction that I've handled have ever requested these things". WTH?!?! This person is one of the top three realtors in the city. And their office is very well known. It's crazy scary how informal things are done around here.

I'm at my wit's end. I am a bit worried about scaring off the one prospective buyer that booked a couple of rooms for next week, but I can't keep dealing with this realtor. My plan is to phone her after firing the realtor and to let her know that I am no longer represented. I know there is a 30 day waiting period before I can sell to her without having to pay the realtor the commission, but I'm more worried about making her nervous and scaring her off.

Edited: The buyer that said he had cash and was told I needed a notarized statement from his bank stating same will not provide a letter as he claims his funds are tied up in stocks and bonds. So be it. Adios..

As we are putting together our 5 year exit plan, one of the questions I have had is whether there is any value in working with a national seller that specializes in inns and B&Bs. Did you do any looking at this concept before you went in the direction you went? I have found that there are a couple of on island realtors that work in niche markets. Do you think your area has anyone like that? I need to educate myself about this. Any thoughts you have would be appreciated.
.

I spent a little time looking at national B&B brokers or consultants, but I guess I was trying to be quick and cheap about it. There are no local realtors here that specialize in niche markets, and apparently there are none that specialize in commercial transactions! My thought when going with local (and someone I thought knew how to handle business sales) was that I wouldn't have to deal with the curious and the dreamers. I thought she would screen them for me and when told what I needed, be able to do it. She is not.

I'm not real sure what my next step is, so I haven't thought much about going back to a national broker/consultant. I think you are smart to consider it.
.

Did you find a national concept was more expensive?
Our location impacts us- being in the big blue. That's what got me thinking about a hybrid type niche realtor who would know how to handle the business sale as well as have a semi-local presence. It makes me wonder who amongst us actually used a national type to buy a property? We definitely don't want to end up being somebody's tax write off for a trip to pair o dice.
On a different note: We did sell our previous house on our own and it worked out fine. I often think I might actually be able to put us out there in a way that perhaps only an innkeeper or an broker who knows inn-keeping could do and then invite buyer reps to their half of the commission, perhaps with them handling the paperwork. HA! It sounds so easy when you talk about it. It is obviously much tougher when you are in the middle of it. I'm sure you'll find the right direction. Did I miss what happened to the first person? Are they still interested? Are you firing before that plays out?
.

We went with local business brokers in every state we looked in. Hospitality brokers where they were available, which was just about everywhere.
The ONE Realtor we worked with was annoying beyond belief. She had one b&b for sale but kept trying to drag us to see houses with 4 bedrooms that we could convert. Never even getting the point we tried to make that we wanted a business that was running, we could convert the house we owned, which WAS a b&b if that's what we wanted!
Even having a business broker, a lawyer and an accountant, stuff was missed. Including transfer of the website.
When we sell, we'll hire a local broker. It's a chunk of change, yes, but we'll be paying them to weed out the lookie lous. It's hard enough working this job without having to stop for someone who isn't even close to bring qualified.
I remember trying to sell my house and my kids were in college, no one making a mess or anything, but always having to be sure all my personal stuff was put away, everything clean, before I went to work each day.
.

Forgive my ignorance- business broker? local broker? real estate broker? hospitality broker? I have to get myself an education on these differences.
.

Forgive my ignorance- business broker? local broker? real estate broker? hospitality broker? I have to get myself an education on these differences.

Around these parts... Business brokers help with the buying and selling of businesses and/or business properties. Hospitality brokers help with the buying and selling of strictly hospitality properties.
Local brokers of either sort actually live in the area so they know the bankers/lawyers/town officials and can grease the wheels if need be.
Real estate brokers are usually Realtors who usually sell homes, not businesses.
Some Realtors wear multiple hats gracefully. Others, like banana's, do not.
.

Well I know it sounds dumb, but that kind of makes me think a lot more about how to find someone who has most of those qualities and perhaps specializes in business, since we will be selling the business along with the property.

 

[BananaE29]

I am so exhausted from dealing with my realtor that I've drafted a letter (not sent yet) terminating our contract. Selling your home and your business is stressful enough, but I am finding myself more upset with the realtor's actions, or lack thereof, than anything else. I am basically holding her hand through this process - finding disclosure statements on line for her to supply buyers with (because their office has never used one!), repeating to her that I need pre-qualified parties before I release info (seriously have told her this at LEAST four times), and now she's questioning why I need these things, because well "No other business transaction that I've handled have ever requested these things". WTH?!?! This person is one of the top three realtors in the city. And their office is very well known. It's crazy scary how informal things are done around here.

I'm at my wit's end. I am a bit worried about scaring off the one prospective buyer that booked a couple of rooms for next week, but I can't keep dealing with this realtor. My plan is to phone her after firing the realtor and to let her know that I am no longer represented. I know there is a 30 day waiting period before I can sell to her without having to pay the realtor the commission, but I'm more worried about making her nervous and scaring her off.

Edited: The buyer that said he had cash and was told I needed a notarized statement from his bank stating same will not provide a letter as he claims his funds are tied up in stocks and bonds. So be it. Adios..

As we are putting together our 5 year exit plan, one of the questions I have had is whether there is any value in working with a national seller that specializes in inns and B&Bs. Did you do any looking at this concept before you went in the direction you went? I have found that there are a couple of on island realtors that work in niche markets. Do you think your area has anyone like that? I need to educate myself about this. Any thoughts you have would be appreciated.
.

I spent a little time looking at national B&B brokers or consultants, but I guess I was trying to be quick and cheap about it. There are no local realtors here that specialize in niche markets, and apparently there are none that specialize in commercial transactions! My thought when going with local (and someone I thought knew how to handle business sales) was that I wouldn't have to deal with the curious and the dreamers. I thought she would screen them for me and when told what I needed, be able to do it. She is not.

I'm not real sure what my next step is, so I haven't thought much about going back to a national broker/consultant. I think you are smart to consider it.
.

Did you find a national concept was more expensive?
Our location impacts us- being in the big blue. That's what got me thinking about a hybrid type niche realtor who would know how to handle the business sale as well as have a semi-local presence. It makes me wonder who amongst us actually used a national type to buy a property? We definitely don't want to end up being somebody's tax write off for a trip to pair o dice.
On a different note: We did sell our previous house on our own and it worked out fine. I often think I might actually be able to put us out there in a way that perhaps only an innkeeper or an broker who knows inn-keeping could do and then invite buyer reps to their half of the commission, perhaps with them handling the paperwork. HA! It sounds so easy when you talk about it. It is obviously much tougher when you are in the middle of it. I'm sure you'll find the right direction. Did I miss what happened to the first person? Are they still interested? Are you firing before that plays out?
.

Did I miss what happened to the first person? Are they still interested? Are you firing before that plays out?

Their response to a request for a notarized letter from their bank was that their funds were tied up in stocks and bonds and they had no plans to liquidize until they decide to proceed. They went on to say that they were looking at two other B&Bs and those sellers had no problem releasing financial information with only a non disclosure statement. They also responded that if that were an issue for me, they were not able to move forward. The realtor responded back that I still wanted a statement or notarized letter of some sort. That was around noon today, and I haven't heard anything yet.

When my realtor told me of this response, I stuck to my guns and said I still wanted something that showed they could afford this property. Her response? "Well, you probably just lost this sale then". You have no idea how badly I wanted to say "Well, you just lost your client." She has questioned everything I'm asking for, yet continually says "I just want to do what you want me to do." Really? Then why am I repeating it every freaking time we get a new inquiry?

I still haven't sent the email to her. It's just sitting on the computer staring at me while I make 100% sure this is what I want to do.
.

Email has been sent notifying her that I wish to terminate our contract. Ugh. I hate this. I hate dealing with anything that brings about bad feelings, but I am just so frustrated.

 

[user 26]

i took an aspiring innkeeper course with these folks way back ... and they gave me such solid advice, i will be forever grateful. they are in the business of selling b&bs it might be worth contacting them about selling your place. bbteam dot com

 

[BananaE29]

i took an aspiring innkeeper course with these folks way back ... and they gave me such solid advice, i will be forever grateful. they are in the business of selling b&bs it might be worth contacting them about selling your place. bbteam dot com.

Thank you SS - I'll look into them

 

[JBloggs]

i took an aspiring innkeeper course with these folks way back ... and they gave me such solid advice, i will be forever grateful. they are in the business of selling b&bs it might be worth contacting them about selling your place. bbteam dot com.

I would disagree.

 

[JBloggs]

So...this is my take.
You will go around the wringer on this with potential buyers. Some will say they are really interested, and really have three years til they acquire their dream.
One couple told us recently that they have good credit. Ok.
Another said they have a good down payment ($20K is not a good down payment for a business and financing the rest).
We are told we are not viable. We are told we are a lifestyle B&B.
The B&B Brokers will obviously try to get aspirings to go big, to get the financing required. To get that financing required, the B&B has to support itself. The B&B Brokers will NOT tell them to buy a lifestyle B&B, and in fact if they want a lifestyle B&B (meaning 5 rooms or less) they will convince them it is foolish.
Back to B&B Brokers:
One mentioned was contacted after our PO's sold us a bill of goods, they literally falsified the numbers. They said and I quote "We are not held responsible for that" only the selling and buying of the inn. This is why I say here all the time to aspirings "Do not trust innkeepers" get everything in writing.
Now to Banana... If someone falls in love with your place and they cannot get it out of their minds (which is what I hope will happen here) they will work out a way to buy it. Don't stifle that by requiring proof of funds. Good luck with that (as you have seen already it won't happen - unless they have hired a B&B broker to represent them, and have all that worked out in advance, THEN you will have proof).
So for what it is worth. You will spin your wheels, get your hopes up, get frustrated and pray a buyer falls in love and buys their dream B&B.
Background: We had a couple who were the perfect fit for this B&B. She even played bluegrass music. They were convinced by their consultant/brokers in Vermont that we were not viable and to walk away. They bought an innmates place, and the place is too much for them. We knew that, they knew that. We are happy the innmates were able to cut the apron strings! So red rover red rover send em on over, you never know. I wish you all the best in this, I know where you are (mentally, emotionally, physically)

 

[happykeeper]

So...this is my take.
You will go around the wringer on this with potential buyers. Some will say they are really interested, and really have three years til they acquire their dream.
One couple told us recently that they have good credit. Ok.
Another said they have a good down payment ($20K is not a good down payment for a business and financing the rest).
We are told we are not viable. We are told we are a lifestyle B&B.
The B&B Brokers will obviously try to get aspirings to go big, to get the financing required. To get that financing required, the B&B has to support itself. The B&B Brokers will NOT tell them to buy a lifestyle B&B, and in fact if they want a lifestyle B&B (meaning 5 rooms or less) they will convince them it is foolish.
Back to B&B Brokers:
One mentioned was contacted after our PO's sold us a bill of goods, they literally falsified the numbers. They said and I quote "We are not held responsible for that" only the selling and buying of the inn. This is why I say here all the time to aspirings "Do not trust innkeepers" get everything in writing.
Now to Banana... If someone falls in love with your place and they cannot get it out of their minds (which is what I hope will happen here) they will work out a way to buy it. Don't stifle that by requiring proof of funds. Good luck with that (as you have seen already it won't happen - unless they have hired a B&B broker to represent them, and have all that worked out in advance, THEN you will have proof).
So for what it is worth. You will spin your wheels, get your hopes up, get frustrated and pray a buyer falls in love and buys their dream B&B.
Background: We had a couple who were the perfect fit for this B&B. She even played bluegrass music. They were convinced by their consultant/brokers in Vermont that we were not viable and to walk away. They bought an innmates place, and the place is too much for them. We knew that, they knew that. We are happy the innmates were able to cut the apron strings! So red rover red rover send em on over, you never know. I wish you all the best in this, I know where you are (mentally, emotionally, physically).

Honestly JB - it sounds like you have, "viable" stuck in your throat. If I was a Doctor, I would recommend a viablectomy. If I was a plumber, I would recommend viaflush. If I was a lawyer, I would recommend we sue viable for misrepresentation.
I am none of those things. I am a knucklehead and I say you need to get that word into your positive spin as soon as you can.
"Let this ? bedroom bed and breakfast make your dream lifestyle viable." (syn: possible)
"A viable alternative to life in the city" (syn: worthwhile)
just sayin' Blanche

 

[BananaE29]

So...this is my take.
You will go around the wringer on this with potential buyers. Some will say they are really interested, and really have three years til they acquire their dream.
One couple told us recently that they have good credit. Ok.
Another said they have a good down payment ($20K is not a good down payment for a business and financing the rest).
We are told we are not viable. We are told we are a lifestyle B&B.
The B&B Brokers will obviously try to get aspirings to go big, to get the financing required. To get that financing required, the B&B has to support itself. The B&B Brokers will NOT tell them to buy a lifestyle B&B, and in fact if they want a lifestyle B&B (meaning 5 rooms or less) they will convince them it is foolish.
Back to B&B Brokers:
One mentioned was contacted after our PO's sold us a bill of goods, they literally falsified the numbers. They said and I quote "We are not held responsible for that" only the selling and buying of the inn. This is why I say here all the time to aspirings "Do not trust innkeepers" get everything in writing.
Now to Banana... If someone falls in love with your place and they cannot get it out of their minds (which is what I hope will happen here) they will work out a way to buy it. Don't stifle that by requiring proof of funds. Good luck with that (as you have seen already it won't happen - unless they have hired a B&B broker to represent them, and have all that worked out in advance, THEN you will have proof).
So for what it is worth. You will spin your wheels, get your hopes up, get frustrated and pray a buyer falls in love and buys their dream B&B.
Background: We had a couple who were the perfect fit for this B&B. She even played bluegrass music. They were convinced by their consultant/brokers in Vermont that we were not viable and to walk away. They bought an innmates place, and the place is too much for them. We knew that, they knew that. We are happy the innmates were able to cut the apron strings! So red rover red rover send em on over, you never know. I wish you all the best in this, I know where you are (mentally, emotionally, physically).

Thanks for your input JB. I did not expect to have any interest this soon, but since I do, I just want to do this right and not waste a lot of time with the dreamers and looky-loos. Everyone here, and I mean everyone, told me from the get go (way back in October when I was only throwing the idea around) to request a pre-qualifying letter from anyone wanting my financial info. So I've stuck with that, and will continue to do so, because it makes sense to me. My realtor didn't understand this, and questioned me every time I spoke of it, and sent me two lookers without it, and amongst many other things she did to irritate me, she told me I lost this buyer because I asked for something that I asked for from the very beginning! I'm still so pi$$ed off that she said this to me and I have no regrets about terminating my contract with her. I would never, ever, expect to be able to ask someone something so personal about their life (meaning their income), and not expect to share my info also.

So when you say "don't stifle...by requiring proof of funds"...I am really confused. Are you sharing your financials without it?

 

[JBloggs]

So...this is my take.
You will go around the wringer on this with potential buyers. Some will say they are really interested, and really have three years til they acquire their dream.
One couple told us recently that they have good credit. Ok.
Another said they have a good down payment ($20K is not a good down payment for a business and financing the rest).
We are told we are not viable. We are told we are a lifestyle B&B.
The B&B Brokers will obviously try to get aspirings to go big, to get the financing required. To get that financing required, the B&B has to support itself. The B&B Brokers will NOT tell them to buy a lifestyle B&B, and in fact if they want a lifestyle B&B (meaning 5 rooms or less) they will convince them it is foolish.
Back to B&B Brokers:
One mentioned was contacted after our PO's sold us a bill of goods, they literally falsified the numbers. They said and I quote "We are not held responsible for that" only the selling and buying of the inn. This is why I say here all the time to aspirings "Do not trust innkeepers" get everything in writing.
Now to Banana... If someone falls in love with your place and they cannot get it out of their minds (which is what I hope will happen here) they will work out a way to buy it. Don't stifle that by requiring proof of funds. Good luck with that (as you have seen already it won't happen - unless they have hired a B&B broker to represent them, and have all that worked out in advance, THEN you will have proof).
So for what it is worth. You will spin your wheels, get your hopes up, get frustrated and pray a buyer falls in love and buys their dream B&B.
Background: We had a couple who were the perfect fit for this B&B. She even played bluegrass music. They were convinced by their consultant/brokers in Vermont that we were not viable and to walk away. They bought an innmates place, and the place is too much for them. We knew that, they knew that. We are happy the innmates were able to cut the apron strings! So red rover red rover send em on over, you never know. I wish you all the best in this, I know where you are (mentally, emotionally, physically).

Thanks for your input JB. I did not expect to have any interest this soon, but since I do, I just want to do this right and not waste a lot of time with the dreamers and looky-loos. Everyone here, and I mean everyone, told me from the get go (way back in October when I was only throwing the idea around) to request a pre-qualifying letter from anyone wanting my financial info. So I've stuck with that, and will continue to do so, because it makes sense to me. My realtor didn't understand this, and questioned me every time I spoke of it, and sent me two lookers without it, and amongst many other things she did to irritate me, she told me I lost this buyer because I asked for something that I asked for from the very beginning! I'm still so pi$$ed off that she said this to me and I have no regrets about terminating my contract with her. I would never, ever, expect to be able to ask someone something so personal about their life (meaning their income), and not expect to share my info also.

So when you say "don't stifle...by requiring proof of funds"...I am really confused. Are you sharing your financials without it?
.

So when you say "don't stifle...by requiring proof of funds"...I am really confused. Are you sharing your financials without it?

Yes.
If someone seems interested enough we are sharing the whole enchilada. It is what it is, now take this from someone who has not sold the place, for what it's worth!
Haps, I know, the term I used it one that is thrown at us from the B&B brokers, that is why I was using it repeatedly to shore up my point on this. Sell it yourself, don't trust those brokers as far as you can throw them. Yes, they are here reading this youbetchya.
Thanks for the positive twist, as always. I am twisting and shouting it.