We were hoping that by this week we would be under contract again on a different property for the hostel. However, it was not meant to be.
Briefly, I’ll talk about what we liked about the house and then why it didn’t happen. Won’t take long.Why we liked the house
The house was a Victorian, like many we’ve seen. It had been built by a major figure in the steel industry that had dominated Pueblo for so long. However, because there had been significant additions, it wasn’t listed as a historic building. It was on a large lot and had just the right number of rooms for our needs, including for private spaces for us, and one room we could have made an office/guest room. The kitchen was aged but usable and in time we could have upgraded it. There was a huge unfinished basement that would have worked for the bike workshop and maybe some other uses. Other than being a match in set up, we also liked the house because It had personality and sat atop a hill.
Why it didn’t happen
We were being very deliberate getting our ducks in a row. This included learning more about the zoning rules, in particular, what we’d need to do to get a use by review approved, since the house was not quite zoned the way we’d want it, and we needed to find out what was involved in getting the use approved by review of the zoning board. It now seems we were maybe a bit too deliberate and should have just gotten the offer in. We had reached the point where we were able to send the information over to our broker to enter into the bid. Minutes later she called me. The seller’s broker had just called her to let her know they’d received and accepted a cash offer. Dammit!!
There’s really nothing you can do if someone makes a cash offer. Sellers will generally prefer It because it takes a lot of complications out of the equation, and makes it much more likely the sale will come to fruition. So, unless the deal doesn’t go through for some reason, and the Sellers come back to us, it’s back to the drawing board. The right place is out there. We just haven’t met it yet!