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THE BUYING PROCESS
The following is our step by step plan for purchasing an Inn/B&B. The plan is designed to guide you through the procedure that will bring you to a successful conclusion.
Before we go further, let's talk about "The Golden Rule" of inn buying -
BE HONEST
- Be honest with your broker about what you can afford.
- Be honest with your bankers about what you want to afford.
- Be honest with the innkeepers/sellers about your interest in their property.
- Most of all - BE HONEST WITH YOURSELF.
"STEPS TO SUCCESSFUL INN/B&B BUYING"
Step 1
You have already accomplished it! You have found www.maineinnsforsale.com. By clicking on "VIEW LISTINGS" you will become acquainted with our available Inn/B&B listings throughout the state. Remember, our brokers are aware of all desirable Inn/B&B properties that are available in Maine. We can represent you the buyer on any listing in the state.
Fill out the form at the end of our listings, press "submit" and you will automatically become part of our INNformation Loop. All new information pertaining to our Inn and Bed & Breakfast listings will be communicated to you immediately through our INNstant Update service.
Step 2
By now you have selected properties from the website that interest you. Through e mail or direct conversations with an Inn/B&B Specialist you have been able to narrow your selections.
Think seriously about making arrangements as soon as possible to see those properties that you are interested in. We know you have heard it before, but it bears repeating- Innkeeping is a 24 hour a day, 7 days a week career. If you are going to be happy and successful, you will need to feel comfortable with the surroundings you choose.
During the process, it may feel like you will never find the perfect Inn. Everyone's taste is different. All properties will need to be personalized. One of the most important aspects of innkeeping is that the property says something about it's owners. You may have to readjust your sights from time to time but the Inn of your dreams can exist and we will do everything possible to help you find it.
A few things to keep in mind when visiting properties:
- Maximize your time by making appointments to see only the "real candidates" - properties that make sense price wise and will physically fulfill your needs. You should not necessarily eliminate properties in your initial viewing because of what may be considered financial or physical drawbacks. Knowing the market as we do, there are many ways to stretch your dollars and turn physical negatives into positives.
- The initial visit to a property should be an overview. You should spend enough time to achieve a true feeling about the Inn, but do not get overly in-depth and bogged down at this point. Take time to let it sink in.
- We recommend that you try to stay someplace else in the area rather than at one of the Inns you are visiting. This accomplishes a few things -
- It gives you a clear open minded perspective on the property. At this point, it is not important what the current innkeeper does or doesn't do in running the Inn. What is important is how you feel as you walk through the door and imagine what it would be like if it were yours.
- Staying at another Inn will give you a clear unbiased opinion of the area from a non-sellers perspective.
- Plan to take some time to drive around the area. If you have questions or concerns, ask! We know Maine very well and will find the answers for you.
Step 3
You are beginning to zero in on the property you would like to own.
Now is the time to take a more serious look at the properties of your choice. This will include a second visit, inventory information and financials. Before turning over financial details, we will ask that you sign a Qualification and Confidentiality Non-Disclosure Agreement.
The next part of Step 3 is to talk to a lending institution. Maine financial institutions are very interested in the Inn/B&B business. We have worked with many of the local banks and are happy to introduce you to lenders who have a particular interest in the lodging business. Initially you should be prepared to share your personal financial status.
As the process continues in Step 4, after you have finalized your property choice, you will prepare a business plan that will support you mortgage request. By the time you have completed Step 3, you are well on your way to purchasing your Inn.
STEP 4
There are many tasks to confront at this point. Working with banks, appraisers, attorneys and building inspectors will be timely but once you have built your team you will be off and running. We are here to simplify this process and assure that the different issues are brought together and the transaction runs smoothly. Your offer to purchase commences this phase which ideally ends with the presentation of keys to your new home and business.
Our clients become clients for life because they know we care. We are not in this business for a quick sale. We have shown that we continue to be available to our clients long after the sale. We intend to be an integral part of the Maine Innkeeping scene for a very long time.
We are honored to have the opportunity to work with you in your quest to join the Maine innkeeping community.
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