We made an offer

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myschae

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We wrote up an official offer for the Inn last week. Now, we're in the waiting for a reply (likely counter) stage. It's nerve wracking.

Once we agree on a number (assuming we can agree on one), then we have to still jump through the financing hoops; it will be a SBA (7a) loan, I believe. Cross your fingers for us, I hope we can achieve a meeting of the minds.
 

gillumhouse

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Hoping for you to have things go smoothly. Keep us posted.
 

ramonalea

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We wrote up an official offer for the Inn last week. Now, we're in the waiting for a reply (likely counter) stage. It's nerve wracking.

Once we agree on a number (assuming we can agree on one), then we have to still jump through the financing hoops; it will be a SBA (7a) loan, I believe. Cross your fingers for us, I hope we can achieve a meeting of the minds.
I heard on the news the other night that small business loans are getting harder to get...be sure to check local small banks as they know the business you are buying and most of the time want the business to continue on...congratulations, I remember this waiting and it was the longest 2 days of my life. You will love it!
 

myschae

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Hoping for you to have things go smoothly. Keep us posted.
Thank you all.

We received a reply yesterday and, it wasn't a no., but it wasn't a counter offer either. It seems our letter of intent to buy might've confused them and the terms seem to be in the way of getting to a number. I'm going to make a new thread on the topic: how would you like me to buy your inn?
 

myschae

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I heard on the news the other night that small business loans are getting harder to get...be sure to check local small banks as they know the business you are buying and most of the time want the business to continue on...congratulations, I remember this waiting and it was the longest 2 days of my life. You will love it!
Yeah, we still haven't come to agreement on a number and there's some confusion going on which I'm going to move to a new thread. Keeping my fingers crossed this can work out.

We already have the name and have contacted the banker who holds the current financing on the Inn. As soon as we have a final number, we'll be ready to get his package filled out.
 

GoodScout

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Always an advantage to go through the local banker who already handles the sellers' loans. They're going to be more familiar and positive about the business than some other lender you have to educate.

We tried to use the sellers' bank, but they were a larger national bank, and when the whole deal had to be kicked from our small town to Boston, we knew it was over. We ended up financing a 504 through a different local bank that has been wonderful.
 
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