After the offer and contract have been negotiated and accepted, the mortgage contingency period will begin. Contracts generally allocate 45 days to obtain a mortgage commitment. Due diligence now begins in earnest with the ordering of inspections, title insurance, environmental and survey (if needed). Once received, the mortgage processors review the title, appraisal, and environmental issues if any, to build their file for closing. The contract should best case allow 90 days for closing but …
FAQs of Aspiring Innkeepers
Can the Inn I love be… “The Inn of My Dreams?”
This is the million-dollar question… Most aspiring innkeepers who contact me do so prior to beginning a serious search for a property. This makes sense to me, as they have been successful in some other career and have learned that “An ounce of prevention is worth a pound of cure.” They want to do their homework to narrow their search to a price range they can afford. Whether they are single pursuing a lifelong dream to run their own business or partners moving on to a new challenge in a new …
Assn. of Lodging Professionals
Michigan Bed & Breakfast Assn.
Oregon Bed & Breakfasts