The Saga of Pete Moving to Cincinnati

Bethany wrote:ACK!
Pete, I had to take it downstairs MYSELF yesterday. Can you imagine?!?!

You poor thing! I'm glad to see you're alright from the ordeal, it must have been so dramatic for you!

I hope it never happens again.

Any news?

Just got home and checked the machine and email and no messages from him. In all fairness the meeting was before he went to work, so he may still be at work.

Still not sure what to think, so I'm stressing still. Guess I'll take out my trash, clean my kitchen and cook supper to take my mind off of things.

Any news now? I'm so anxious Pete, I can't even imagine how you feel!

That's a start.

He said the meeting was o.k. and the good news is that they didn't say no. They have to take his proposal to the board which is 7 people. He said it's worse than the bank and it might take awhile.

My question is, how long is awhile? I'm losing all optimism in this deal and starting to wish I had just called the Realtor, and I'm also wondering how long I should give him before I pull the plug myself and list the place.

I'm so frustrated.

Can you ask him how long it will take and share some of your concerns?
For example ask him when the meeting for the final decision will be and let him know that you will need to list with an agent by XX date if he doesn't hear anything. That way he'll be a little more motivated to bug the city for an answer.

Also, just because you list with an agent again doesn't mean this guy can't buy it from you then there will just be a seller commision to hammer out in addition to the original selling price you know.

yeah, I'm meeting him Friday for him to pick up some things I'm ordering for him and I plan on talking a bit with him then.

It's hard to put pressure on the city because they don't care one way or the other. I need to find out who's on the board too because if I know any of them I can find out from them what the probability of it is to get a better idea.

With the lack of a down payment, listing with an agent and raising the price by about $15,000 would never work for him. I'm going to get some for-sale by owner signs to post on the building in the mean time though.

Ack
So annoying
Still praying Pete!

I'm starting to get annoyed at this deal. This group he's talking to told him to ask how firm on the price I am and asked if I would take $20,000 off of our agreed price. I told him at that price I would be calling the Realtor in the morning. He said he asked because they were concerned about the age and some of the conditions of the building.

Um, no one besides myself knows the condition of this building, how did they come to this conclusion, did they drive by? The few superficial things wrong on the outside could be done for under a thousand dollars. No one has toured the building, and no one on the committee is an appraiser, so how could they know? It was valued at over the agreed upon price less than five years ago with no business, no rental income, and in a state of being nearly condemned.

7,000 square feet, a rental income of nearly twice the mortgage, a liquor license, and built-in business. They want me to sell it for less than the 1200 square foot house across the street sold for this past fall who had a crumbling foundation wall?

I don't think so.

O.k. so welcome of the emotional roller coaster that has become my day.



His funding for the down payment has been approved and we are going to have the appraisal scheduled later this week.

One step closer.

I'm still shaking from all this adrenaline. This can't be healthy.

So updating the process:
If the appraisal comes back at our agreed upon price or more we will then meet with the lawyer to draw up the purchase agreement for the bank to finish the paperwork.

Good for you for standing up to them, Pete! They probably thought you were desperate and that they could just bully you into lowering your price. Here's to hoping the appraiser says what you hope!

yeah, I am getting desperate, but to have to take out a loan to pay off the loan after the sale is more desperate than I am.

The comps for the building alone have it valued at more than I'm taking, but I'll still be happy if I get what we agreed on.

All I can do is leave it to God because at this point, I have no control.

OHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

I just scrared the crap out of my coworkers by screaming out loud when I read this.
OHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSHOHMYGOSH

OHMYGOSH
OHMYGOSH
OHMYGOSH

I'll let you continue to have all the excitement. I'll be excited after we get the purchase agreement done, until that point I'm afraid I'll still be waiting for the other shoe to drop.

I had a moment today when it really sank in that this really could be happening.

He emailed and asked if he could come by tomorrow to take some more measurements, he's meeting with the city engineering department about some of the changes he's making (his words) to the kitchen and needs to get the paperwork together.



In a matter of seconds I was flooded with panic and excitement all at once, and a few seconds later I realized we still have a couple of steps to go and just as fast as it came to me, it left me.

This has been my life since March 1, 2005. Nearly 5 years of my life has gone into this, and could it possibly be coming to an end? Are we seriously that close? Am I really that close to starting all over again?

new beginnings are a great thing Pete!

I think that sometimes we tend to think that we have "sunk" time into our lives....but every chapter is things that we learned for the next phase of life.

I think the same thing Angie. I've done this a couple of other times in my life and it always turns out well and I'm always smarter when I come out of the other side.

I always look forward to new experiences and new challenges and a new setting, but it always comes with a bit of a freaking out from stepping outside of my comfort zone.

Have they scheduled the appraisal Pete?

The carpet in the basement is going in today and we tacked the cable to the floor joists but left enough slack in case you want to have TV in your bedroom downstairs.

Is it ok if I make a list of things for us to do when you visit in a few weeks?

that actually sounds like a good plan because there are a list of the things we should probably go over while I'm there as well. I may be down there during part of the week as well, but I'll be making trips to a couple of friends down there as well, so you won't have to worry about me while you are at work and what not, or if I am there while you're at work, it will give me a chance to do some of those things.

I'm on vacation from 2/24-3/2 but I'll have to open the store on 3/2. I may or may not be going to Cleveland for a day or two either at the beginning or end of vacation as well, depending on if my brother wants to go, because the budget for my gas usage is going to be tight.

We can plan more once I know what's going on.

That's cool.
If you're going to be here during the weekdays let me know which ones and I'll take a day or two off and we can do some stuff, sleep in, drink at 9am. Whatever.

Bethany wrote:
... drink at 9am. Whatever.

I haven't done that in nearly 14 years! Not sure I could go back to that.

I'm going to be making decisions regarding vacation very early this week so I'll let you know.

So I'm a little less worried about him backing out on this deal for a couple of reasons that I came upon today.

1. A man stopped by to look around saying he was being hired to help the new guy run the place, he will be his full time employee.

2. Said employee mentioned they are going to Detroit on Friday to pick up a meat case to be located in the store.

3. Met a contractor who said he's being hired to do some work for him as soon as we sign papers.




I'm feeling slightly better about the pending appraisal as well because I talked to a realtor friend of mine who gave me a formula they use for rentals to get a good idea of the value based on rentals and that formula told me that the value based on rentals alone is within 15k of what we agreed on. That doesn't take into account the additional square footage of the store, the business I already have, the liquor license nor does it account for the value of the equipment inside.

On the downside my roof started leaking during the thawing that's been happening. I knew it leaked there but it hadn't in awhile so I had to call a contractor who is going to be by tomorrow to give me a cost on repairing it. I just couldn't live with myself if I tried to hide the leak, so I'm going to get it fixed. I'm hoping it's not too much because I also have someone lined up to fix the furnace and a piece of equipment before the sale.

It's been an up day, and a down day, every Tuesday is like a roller coaster in my head. It's no wonder I'm so exhausted by the time I close the doors!


we're getting close.

When will they do the appraisal?
Also
AHHHHHHHHH!!!!!!!!!!!!!!!!

Still waiting on the bank or appraiser to call and set up an appointment. He's supposed to be calling them and finding out what's the hold up.

Well they better HOP TO IT!
(Pete can you hang dry wall?)