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Seven Sisters Inn Foreclosed

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EmptyNest

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Just one of many UNFORTUNATELY...but sold for $100 k!!! Wow..that is depressing..but someone got a steal!
 

GeorgiaGirl

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The article says "the mortgage holder for the Seven Sisters Inn purchased the historic Ocala landmark for $100,000". It included two Victorian homes on the National Register of Historic Places and everything in them. That includes furnishings and fixtures. I had read somewhere else that they only owed $150,000. I would think that if they knew they couldn't sell it for 1.2 Million they would lower the price instead of foreclosing.
 

Tony

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I agree. Big mistake on the previous owner's part not to lower the asking price. Anything is better than nothing. Had greed not blinded them, they might have a chance to walk away with a little money as opposed to now facing a lawsuit from the bank for the difference between ridiculous auction price and balance of the mortgage.
 

happykeeper

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Hmm I'm thinking the mortgagee owed more and, being an auction, the bank was not obligated to bid more for its own property unless other bids were forthcoming, which apparently didn't happen. Now would be the time for an enterprising (Ocalaian - Ocalanite- Ocalander) to visit the bank.
 

Proud Texan

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B&B owners aren't any different from anyone else in this country. Biting off more than you can chew and getting greedy is in part what got our country in the mess its in now.
We opened last August. Our home, cottages and all of our out buildings are paid for because we had saved and invested. Interest from our investments make our land payment. Ours B&B is small and we'll never get rich from it, but there's security in being out of debt.
 

wendydk

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We never considered the "money" aspects, other than just being able to afford to do it. The BIG draw for me, was having my own place, doing it my own way after years of working for others and being forced to run things as THEY saw fit. If it pays for itself, I'm happy....and it does. Can't complain with just three rooms and the revenue we get.
 

GeorgiaGirl

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B&B owners aren't any different from anyone else in this country. Biting off more than you can chew and getting greedy is in part what got our country in the mess its in now.
We opened last August. Our home, cottages and all of our out buildings are paid for because we had saved and invested. Interest from our investments make our land payment. Ours B&B is small and we'll never get rich from it, but there's security in being out of debt..
Proud Texan said:
B&B owners aren't any different from anyone else in this country. Biting off more than you can chew and getting greedy is in part what got our country in the mess its in now.
We opened last August. Our home, cottages and all of our out buildings are paid for because we had saved and invested. Interest from our investments make our land payment. Ours B&B is small and we'll never get rich from it, but there's security in being out of debt.
I don't know if you looked at the links, but this Inn went for auction just a few months ago and the bank bought it for $100,000. and now it's listed for another auction. Curious to see what it will go for this time!
 

Iris

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We never considered the "money" aspects, other than just being able to afford to do it. The BIG draw for me, was having my own place, doing it my own way after years of working for others and being forced to run things as THEY saw fit. If it pays for itself, I'm happy....and it does. Can't complain with just three rooms and the revenue we get..
See now, that 's the right attitude, I think. BandB's don't really make us "rich" in a monetary way. They exist because we feel we want to own our own business, we want to show others how it's done right, etc. Greed gets you nowhere. Hopefully they pay for us to live there ;)
 

JBloggs

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We never considered the "money" aspects, other than just being able to afford to do it. The BIG draw for me, was having my own place, doing it my own way after years of working for others and being forced to run things as THEY saw fit. If it pays for itself, I'm happy....and it does. Can't complain with just three rooms and the revenue we get..
See now, that 's the right attitude, I think. BandB's don't really make us "rich" in a monetary way. They exist because we feel we want to own our own business, we want to show others how it's done right, etc. Greed gets you nowhere. Hopefully they pay for us to live there ;)
.
IrisoftheWayfarer said:
See now, that 's the right attitude, I think. BandB's don't really make us "rich" in a monetary way. They exist because we feel we want to own our own business, we want to show others how it's done right, etc. Greed gets you nowhere. Hopefully they pay for us to live there ;)
As Henry Ford once said - a business that makes only money is a poor business.
ENRICH our lives is a good word for it. Sometimes it also takes its toll too, but it does enrich our lives.
 

gillumhouse

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We never considered the "money" aspects, other than just being able to afford to do it. The BIG draw for me, was having my own place, doing it my own way after years of working for others and being forced to run things as THEY saw fit. If it pays for itself, I'm happy....and it does. Can't complain with just three rooms and the revenue we get..
See now, that 's the right attitude, I think. BandB's don't really make us "rich" in a monetary way. They exist because we feel we want to own our own business, we want to show others how it's done right, etc. Greed gets you nowhere. Hopefully they pay for us to live there ;)
.
IrisoftheWayfarer said:
See now, that 's the right attitude, I think. BandB's don't really make us "rich" in a monetary way. They exist because we feel we want to own our own business, we want to show others how it's done right, etc. Greed gets you nowhere. Hopefully they pay for us to live there ;)
As Henry Ford once said - a business that makes only money is a poor business.
ENRICH our lives is a good word for it. Sometimes it also takes its toll too, but it does enrich our lives.
.
People pay me to entertain me!
I do not have to leave my house, using gas and paying for tickets or a cover charge. The stories the guests have to tell are so entertaining, who needs to leave?
 
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