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Old 10-26-2011, 01:40 PM
 
3 posts, read 8,856 times
Reputation: 10

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Hi everyone, I was wondering if someone would be bale to shed some light on our situation.
My husband and I mad a bid on a convenience store business recently, this is what the details are:
Asking price 298500
First bid from us 235000---- declined by vendor
Second bid from us 250000--- counter offer from vendor 285000
Third offer from us 255000- -- counter offer from vendor 293000
They went up instead of down, anyone had this happen before or know of any reasons why this would happen, we were shocked and pissed off and refused to go back with another offer.
We are living in Canada if that helps.
Thanks any advice would be appreciated
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Old 10-26-2011, 01:56 PM
 
Location: The Triad (NC)
32,227 posts, read 74,628,357 times
Reputation: 39577
Quote:
Originally Posted by roxruth7 View Post
They went up instead of down...
We are living in Canada if that helps.
That happens...
and no; being Canadian had nothing to do with it.

hth
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Old 10-26-2011, 02:26 PM
 
3,020 posts, read 8,005,719 times
Reputation: 3249
Quote:
Originally Posted by roxruth7 View Post
Hi everyone, I was wondering if someone would be bale to shed some light on our situation.
My husband and I mad a bid on a convenience store business recently, this is what the details are:
Asking price 298500
First bid from us 235000---- declined by vendor
Second bid from us 250000--- counter offer from vendor 285000
Third offer from us 255000- -- counter offer from vendor 293000
They went up instead of down, anyone had this happen before or know of any reasons why this would happen, we were shocked and pissed off and refused to go back with another offer.
We are living in Canada if that helps.
Thanks any advice would be appreciated
I think that with your third offer still so far below their counter offer, you pissed THEM off.
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Old 10-26-2011, 02:30 PM
 
Location: NJ
17,578 posts, read 43,623,086 times
Reputation: 16226
I think they were sending you a message.
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Old 10-26-2011, 02:53 PM
 
3 posts, read 8,856 times
Reputation: 10
That's what I thought too, The vendor really wants to sell her place and has noone else looking at it at the moment, just figured we would edge our way up, guess it didn't work. Oh well, if she wants to sell it bad enough she will come back. The market where she is living too is not good for people buying businesses, alot of people cannot afford that much, so anyhow we will see. But I think you are all right we pissed her off, lol.
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Old 10-26-2011, 03:15 PM
 
Location: The Triad (NC)
32,227 posts, read 74,628,357 times
Reputation: 39577
Quote:
Originally Posted by roxruth7 View Post
The vendor really wants to sell her place...
..just figured we would edge our way up
if she wants to sell it bad enough...
These sorts of subjective and emotional terms are probably indicative of the real issue.
Does anyone involved with the transaction have any objective criteria for their position?

Land? $X per acre? Zoning allowances? Structure? area? condition?
Fixtures? Equipment? Inventory? Business volume? Franchise agreement?
Supplier relationships? Trained staff? and so forth

Ongoing operation with steady clientele?
Closed building with sign on front?

What is being offered for sale?
What are those components worth?
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Old 10-27-2011, 08:16 PM
 
3 posts, read 8,856 times
Reputation: 10
So my real estate agent called me last night and after discussing with the vendors agent, this is apparently what happened. She made the first counter offer of 285000 thinking her asking price was 289000 not 298000, when she had discussed with her husband what happened he was so mad at her and told her to raise it up. So she raised ti to 293000 and not including any equipment such as cash registers, shelving for product, popcorn machine, ice cream machine, and oviously no inventory. The assessed value of the store itself was at 73000, there is a house attached that is why the price is 298000, so the store takes up 20 percent of the whole building, but to my agents calculations when it was assessed at 73000 it either included the equipment in the assessment price or the store should be at 30 percent of the builing. Not sure if this is confusing or not.
Do we counter with our highest number or sit back and wait to see if she comes back? ANY OPINIONS????
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Old 10-27-2011, 09:08 PM
 
Location: The Triad (NC)
32,227 posts, read 74,628,357 times
Reputation: 39577
Quote:
Originally Posted by roxruth7 View Post
ANY OPINIONS????
sure. don't buy a business.
buy land, buy buildings, buy equipment... OK
make a business.
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Old 10-28-2011, 09:26 AM
 
3,020 posts, read 8,005,719 times
Reputation: 3249
Quote:
Originally Posted by roxruth7 View Post
So my real estate agent called me last night and after discussing with the vendors agent, this is apparently what happened. She made the first counter offer of 285000 thinking her asking price was 289000 not 298000, when she had discussed with her husband what happened he was so mad at her and told her to raise it up. So she raised ti to 293000 and not including any equipment such as cash registers, shelving for product, popcorn machine, ice cream machine, and oviously no inventory. The assessed value of the store itself was at 73000, there is a house attached that is why the price is 298000, so the store takes up 20 percent of the whole building, but to my agents calculations when it was assessed at 73000 it either included the equipment in the assessment price or the store should be at 30 percent of the builing. Not sure if this is confusing or not.
Do we counter with our highest number or sit back and wait to see if she comes back? ANY OPINIONS????
If you really do want it, I'd go in with my highest offer. In Texas, business personal property such as equipment, inventory, etc., is assessed separately from the real estate. Your agent should state this is your highest and final offer.
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