DH has been working closely w/ the SBA and their mentoring program over the past few yrs. It was here and there to get an idea of things in the beginning but this past yr. he has been utilizing them as much as possible. I wasn't involved w/ the other business (he started taking it over before we met) and as I found out more about it way down the road it was too late. I kept saying 'Oh no! Now wonder it was doomed!'. Needless to say DH learned a lot from that situation and it's almost 15yrs later too. Large debt and crazy rent that kept getting jacked up monthly due to a last minute move that the owner wanted to make, turned it all over to DH (poor guy), said he was going to take the Summer off so DH could get his feet wet and then vanished. The business is the furniture refinishing and repair business that he's worked at for the past 6yrs. Small family owned and operated since 1945. Technically the only debt is the new truck that was recently bought. All of the equipment and machinery is paid off as far as I can tell but I will surely confirm that tonight. According to the books the monthly supplies that are used are paid in full at the end of each month. Nothing carried over. This business will be 3rd generation. The owners never had children and they used to shop at the previous business. When the owner decided he wanted to retire he was either going to close the business or find DH. He always remembered DH from the previous business and what type of person he was. So he tracked DH down and asked him if he would be interested in carrying on the business after training him and teaching him everything he knew. Regarding the real estate and shop: It could go one of two ways should we decide to buy the entire property or not as it has a house on it that is a rental. 1. We buy the business and rent the building from the current owner while the land remains in his name and the house is still used as a rental (currently occupied by a steady long term resident). Then when either we're ready or the owner decides to sell the real estate portion we get first dibs at fair market value and we then own everything outright. 2. We buy the business, move into the house on the property and pay rent to the owner for both the house and the building. Then we buy the real estate in 2 - 3yrs. At the current projections we would be able to afford a sizable down payment on all of the acreage, house and shop in 2yrs and that takes into account the monthly loan payment to the bank. Based on the numbers in the account it would be projected that we could feasibly pay the entire business loan back to the bank in 5yrs if we wanted. There is essentially no retail per se' as they don't sell anything. It is strictly refinishing and repair. Golddust - you ask a great question. I think together we make a great pair - we pay attention to different details. He's people oriented and I'm detail oriented (obsessed). Don't be worried that I'm asking you guys questions. I'm a firm believer that some of the best questions, solutions and answers may come from everyday people and those who may be 'outside' of a situation. And I value that (and you) very much.

terriks: I do not have a lock box. I used a realtor service that for a very nominal fee will put our home on the MLS plus many other national listing lists. I know that our house will be sold to a relo- not local and didn't feel like paying an extra 15-20K for just marketing it to our community. All 7 of our showings have been out of towners as I expected. We also have 6 kids so I need at least 3-4 hours turn around to even be able to show it. Just the nature of our lives. Believe me, I hate to turn down a showing. I got the call around 10am and they wanted a showing before noon. I had a meeting to attend I couldn't reschedule. Just a life issue. I have been getting great feedback from all the agents. Really nothing negative at all. I know that buyer is out there as we have a fabulous newer family home in a beautiful established neighborhood.

Found out today that the buyers actually attended the homeowners association meeting last week. Not sure how they got the information on the meeting, as it certainly didn't come from us. How bizarre is that? It's a little bizarre but not necessarily a bad thing. I met a couple like this once. They were just the type of people who get very involved once they make up their minds to do something. Now for you, it sounds like they are committed to buying this house and making the deal close. The couple I knew also attended a homeowners association meeting either before they closed or soon after they closed. The funny thing was - it was the WRONG association. Talley Sue, I don't know how coop meetings work but if the HOA is small enough, some neighbors may already know that this couple are buying becca's house and allow them to stay for the meeting.

The time it takes really really depends on the current market and even more that that-ones's circumstances and needs Fist place, we bought in a day. We won a lottery for partially subsidized housing, it was our chance to buy anything at all. It existed just in blueprints. We borrowed several K from my brother and signed the contract that very day we were notified we won. Second, we bought in a week. actually it was the first house I saw..I did look at some more to make sure. It was the whole different level..and yes it was a great house. Third, we also bought in a week, or maybe ten days-that was already here in OC. We were in a hurry..and it was a buyers' market. Saw it, felt it, bought it. We did look at many during that week though..each day several houses. Also easy to set up an appointment in such a market..last time we were looking, the house you like might be gone by the time you call Fourth, now-house, we were looking for months. First, sellers market..suddenly many investors with cash and all..Second, our circumstances changed, a lot. We were considering very few homes since we needed walking distance-95% of the market doesn't work here in OC (unless you can live in Laguna Beach and the likes but alas we can't afford it))). We had accommodate for very different needs of growing family. It was tough. It was several months..we looked at lots of homes..I was close to becoming desperate..since I was used to finding good homes in a week, right? And when we bought we had to remodel too. Walking distance plus some privacy=older home. People who look for cheaper, starter places here are constantly outbid-not enough inventory. So they can bid for months, and still not able to buy.. Sometimes people are very picky though. One acquaintance of mine was looking for three years. Very well off, and not into changing things. Wanted everything just so. And wasn't in any rush.