Betty The Restauranteur

[taxguykarl]

We haven't yet. The restaurant loan has yet to be paid.

[Ghel]

Betty has postponed disaster again. At least temporarily. I called the county today and the property taxes for the second half of 2019 are paid (with 2 days to spare)! Now Betty has until the end of calendar year 2020 to pay the second installment on her agreement with the county plus the 2020 property taxes.

[taxguykarl]

IOW, Betty just bought herself another year for this nonsense.

Get ready for the foreclosure nonsense carousel.

[Victory Sabre]

As someone who is seeing the foreclosure thing up close, and in the same state as Ghel, I just have to wonder when this nonsense will end.

My situation is that my business leases space in a property that is going through it right now. The property owner hasn't been paying property taxes, or the mortgage. The property went through a Sheriff's Auction right now, and (while we're not 100% on this), the bank owns it. Right now the property is in what's called a Redemption Period, that lasts 6 months. The property owner has the opportunity to make it right, but he won't. So, as of April 3rd, the bank owns the property outright.

After that, the bank can kick us out, with a 3 month notice. However, our lease ends at the end of September. All the experts we've talked to say that it's highly unlikely that the bank will kick us out before the end of our lease.

In all honesty, the bank is going to get hosed, because this property really has bad access issues. If they get 300k, I'd be amazed.

[Nunavut Pants]

Get ready for the foreclosure nonsense carousel.

I was hoping the link would lead us to a different kind of Carousel...

[DGoddessChardonnay]

I was hoping the link would lead us to a different kind of Carousel...

Wait until Betty finds out the awful truth . . . there is no sanctuary.

[Racket_Man]

I was hoping the link would lead us to a different kind of Carousel...

Wait until Betty finds out the awful truth . . . there is no sanctuary.

DAMN IT YOU TWO beat me to BOTH scenes. The book was mostly different.

[greek_jester]

After that, the bank can kick us out, with a 3 month notice. However, our lease ends at the end of September. All the experts we've talked to say that it's highly unlikely that the bank will kick us out before the end of our lease.

In all honesty, the bank is going to get hosed, because this property really has bad access issues. If they get 300k, I'd be amazed.

Wouldn't it make more sense to sell with your business still operating? I'd have thought guaranteed income from a long-term tenant while the new owner decides whether to renovate or level and rebuild would be very attractive, and in the UK actually increases the property value.

[Victory Sabre]

Wouldn't it make more sense to sell with your business still operating? I'd have thought guaranteed income from a long-term tenant while the new owner decides whether to renovate or level and rebuild would be very attractive, and in the UK actually increases the property value.

The owner of the property wants to sell, but, he's very unlikely to get any takers. Anyone interested in the property also would know about the foreclosure process, and would just wait to get it for less from the bank.

All I know is the next few months will be interesting. I also know is I will be very happy to be out of the restaurant business come later this year. It's time for me to move on.

[taxguykarl]

I was hoping the link would lead us to a different kind of Carousel...

No, that carousel will be when the foreclosure finally happens.

[Tama]

No, that carousel will be when the foreclosure finally happens.

I think Betty actually DYING would be more likely to happen before the foreclosure, at this point...

[Rosco the Iroc]

I was hoping the link would lead us to a different kind of Carousel...

LOL I just watched that on AMC Sunday. Followed by Soylent.

[earl colby pottinger]

Virus closing

All restaurants are feeling the pinch, I can`t imagine how Betty can survive this virus crunch. Sales will be off, but also there are lots of banks who will find they have to trim the fat and get rid of their worse customers.

I can`t see her getting the lighter treatment she has also have so far, I think she is doomed now.

[Victory Sabre]

All restaurants are feeling the pinch, I can`t imagine how Betty can survive this virus crunch. Sales will be off, but also there are lots of banks who will find they have to trim the fat and get rid of their worse customers.

I can`t see her getting the lighter treatment she has also have so far, I think she is doomed now.

I'd say yes and no. Restaurants in the state of Minnesota are closed to dine in until the end of the month. As someone who owns a restaurant that is hard hit by it, I can say that my sales are down by around 70%. It's hurting, and killing small restaurants. I'd say that Betty is in the same boat.

Now, on the other hand, I know that the banks really don't want the property, so, if they can make it work, they will try in this environment. I'm also dealing with that right now, because the property my restaurant leases from is now banked owned as of the 3rd of April, and they really didn't want it, and were working hard with the previous owner to figure out a way not to get it.

[csquared]

I'm also dealing with that right now, because the property my restaurant leases from is now banked owned as of the 3rd of April, and they really didn't want it, and were working hard with the previous owner to figure out a way not to get it.

Do you know if the bank trying to get market value, payoff value or something in between?