FYI Mltb Hometown Grocery

[wuwu]

I hope they clean it!

[MarkinNH]

Originally Posted by wuwu

I hope they clean it!

You get your wish. When I drove by there today there was a cleaning service backed up to the front door.

[Lakesrider]

Saw that last night as well. Lights were mostly off. This was at about 6pm.
Just another good lesson to get everything in writing.....

[VitaBene]

Here is my take and supposition:

Townsend owned the store and garage in back. They own a tire recycling business.

They tried to open their own store and did not make it.

Townsend rented the space to a couple of guys who reopened Hometown last year. They did it on a shoestring and it showed.

Townsend defaulted, Richard Murphy attended the auction and was one of 2 or 3 bidders. He was successful.

His sale was contingent on an empty building. Hometown had to go.

Murphy has a successful store at 25 and the Neck Rd and intends to open the same here.

[mydream848]

I am glad to see the rumor mill is still alive. With much knowledge of what the issue is here its nice to see perhaps 25 percent of your posts have the right information. The biggest issue is it all was in writing and the property owner was forclosed on making their lease null and void. ( thank NH the not so small business friendly state) Murphy may not end up purchasing its not a done deal as of 5 pm yesterday.Have a great day

[wifi]

Originally Posted by mydream848

I am glad to see the rumor mill is still alive. With much knowledge of what the issue is here its nice to see perhaps 25 percent of your posts have the right information. The biggest issue is it all was in writing and the property owner was forclosed on making their lease null and void. ( thank NH the not so small business friendly state) Murphy may not end up purchasing its not a done deal as of 5 pm yesterday.Have a great day

Another sarcastic first poster, with little to add

[Lakesrider]

So if the owner of the store was foreclosed on, and the lease was made null and void, why didn't the store runners make a deal with the bank holding the mortgage to buy it. I would think the bank would have been pretty open to that instead of taking back an empty property.
I am no Realtor and I am sure it shows, but it is too bad the owners of the store part couldn't have bid on the property, and made a go of it from there. Or maybe it wasn't worth it?
I wonder how much it went for at auction? I'd love to have the garages in back, for my car restoration shop.

[TiltonBB]

Originally Posted by Lakesrider

So if the owner of the store was foreclosed on, and the lease was made null and void, why didn't the store runners make a deal with the bank holding the mortgage to buy it. I would think the bank would have been pretty open to that instead of taking back an empty property.
I am no Realtor and I am sure it shows, but it is too bad the owners of the store part couldn't have bid on the property, and made a go of it from there. Or maybe it wasn't worth it?
I wonder how much it went for at auction? I'd love to have the garages in back, for my car restoration shop.

When the bank forecloses they have an obligation to get as much as they can for the property. If they get less than the debt they can go after the person that was foreclosed on for a deficiency judgement and that person would be obligated to pay the difference between what was owed and what it sold for. If they get more than the debt and expenses they have to return the surplus funds to the person that was foreclosed on.

The people that were runniing the store own two other stores and may not have been in a financial position to purchase the property. Commercial mortgages typically require 25% down payment and a demonstrated ability for the property to carry itself. Many banks look for 125% debt coverage based on the income.

For what it is worth Murphy is still talking to the bank as of today and the sale to him is still not finalized.

[VitaBene]

Originally Posted by mydream848

I am glad to see the rumor mill is still alive. With much knowledge of what the issue is here its nice to see perhaps 25 percent of your posts have the right information. The biggest issue is it all was in writing and the property owner was forclosed on making their lease null and void. ( thank NH the not so small business friendly state) Murphy may not end up purchasing its not a done deal as of 5 pm yesterday.Have a great day

Tell us the real deal then. Where was I wrong?

[MarkinNH]

Originally Posted by mydream848

I am glad to see the rumor mill is still alive. With much knowledge of what the issue is here its nice to see perhaps 25 percent of your posts have the right information. The biggest issue is it all was in writing and the property owner was forclosed on making their lease null and void. ( thank NH the not so small business friendly state) Murphy may not end up purchasing its not a done deal as of 5 pm yesterday.Have a great day

If the property owner got foreclosed on that is because they did not or could not meet their financial obligation ie. make their payments.
That is the property owners fault, the State of NH has nothing to do with it.
I don't wish a foreclosure on Anybody but don't try to dump the blame somewhere where it doesn't belong.

[jeffatsquam]

Originally Posted by mydream848

I am glad to see the rumor mill is still alive. With much knowledge of what the issue is here its nice to see perhaps 25 percent of your posts have the right information. The biggest issue is it all was in writing and the property owner was forclosed on making their lease null and void. ( thank NH the not so small business friendly state) Murphy may not end up purchasing its not a done deal as of 5 pm yesterday.Have a great day

Is it possible that if you churn the rumor mill hard enough it becomes fact?

8 business days latter Murphy is there tearing down the chimney and cleaning out the garages