My husband and I had enlisted the help of this broker to help us in our search for a laundromat to purchase in the NJ area The broker introduced us to a location and a binder was signed The intent was to purchase the laundry business for $1.15MM and a $15,good faith deposit was made The signed binder and deposit were given to the broker, who then forwarded it to the seller's attorney My husband was approved for financing, but it was subject to several important items The most important item was that the seller was required to participate in the loan for $250,on a subordinated basis The seller was not agreeable to this, so we had discussed other ways to satisfy this condition, one being that the seller would take a short term note for $250,000, which would be paid off in year However, I did not want the seller to file a mortgage as it would hinder other personal plans, which included purchasing a new home There was a lot of back and forth and ultimately, we nev
My husband and I had enlisted the help of this broker to help us in our search for a laundromat to purchase in the NJ area The broker introduced us to a location and a binder was signed The intent was to purchase the laundry business for $1.15MM and a $15,good faith deposit was made The signed binder and deposit were given to the broker, who then forwarded it to the seller's attorney My husband was approved for financing, but it was subject to several important items The most important item was that the seller was required to participate in the loan for $250,on a subordinated basis The seller was not agreeable to this, so we had discussed other ways to satisfy this condition, one being that the seller would take a short term note for $250,000, which would be paid off in year However, I did not want the seller to file a mortgage as it would hinder other personal plans, which included purchasing a new home There was a lot of back and forth and ultimately, we nev