Woman Finds Cheshire Restaurant's Charm Faded
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She loves to go dancing, and is sure others feel the same. So she bid on a vacant but spacious restaurant in August that she could turn into a dance hall. Plus, it came with enough rental property to ensure success for her and her partner Richard Rockefeller.
But the old Country Charm Restaurant is turning into a money pit for the Becket resident, who's found herself caught in mortgage limbo.
"I'm just sick to my stomach," said Sayers on Monday, after posting a message on an article detailing her winning bid on the Country Charm back in August. The message asked others who had been interested in bidding to contact her "before you make your next move."
Sayers said she hasn't been able to pin down financing because the 6,200-square-foot restaurant has been valued at less than her purchase price — nearly $70,000 less. In the meantime, the building, which has been vacant for several years, has continued to deteriorate.
"There's been more and more damage (because of heavy rains)," said Sayers, who put a tarp over the roof to try to staunch the flow of water. "Part of the ceiling has fallen in."
There have also been squabbles over who was responsible for septic issues and securing the building — the septic's OK but the windows were never boarded up. Sayers said the building's been broken into and things are missing.
Sayers was given the keys to the building after placing the winning bid of $350,000 and coming up with a significant down payment. She and her family have been cleaning out the building, which was closed abruptly in 2004. It was taken in foreclosure by Berkshire Bank, which holds a $300,000 mortgage on it.
What Sayers said they found inside was dead rats, decomposed food in shut-off freezers and refrigerators, water damage and mold. "I've been feeling sick and having respiratory problems," she said.
The day of the auction, no one was allowed inside the building and a few who found their way in through an unlocked back door were promptly ushered out.When she bid on the property, Sayers said she was aware of some of the problems, including the leaking roof. She had planned to spend at least $100,000 on repairs and renovations. She also said she signed a sales-and-purchase agreement with the former owner that included a number of repair clauses, only to find out the building was going up for auction a few days later.
But the biggest blow was the bank-required appraiser's valuation, which was set at $450,000 with everything done but only $288,000 as it stands.
Since then, Sayers said she and her lawyer have been trying to work out a deal with the bank even as the contract extensions have run out. She's still hoping to find a way to make her dream happen, hopefully without losing the tens of thousands she and Rockefeller have already dropped into their money pit.
"I'm not giving up but I'm really discouraged," said Sayers. "I just don't want another buyer to be in the situation I'm in."
