I have a cash buyer that wants to purchase a trio of buildings that are being sold all together. I don’t have any experience in buying and/or selling church properties, so I was wondering if any of you have any advice. Here are few specifics…
The buildings were originally listed for sale at $597,500, now the listing price is $474, 500. It is listed as a cash only deal. My buyer is willing to put $150,000 down in cash if they will agree to a $300,000 sale price with the balance to be made in payments over the course of two or three years. The property is being sold “as is” but is still totally operable.
My questions are:
Is it appropriate to ask the real estate agent how much exactly is owed on the property?
Is there any special considerations that make purchasing a church any different from any other type of property?
Does all of the tax benefits of owning a church pass onto my buyer?
Lastly, what would be the best way for me to get paid-thru an assignment or double close? In case it matters, the buyer is a friend of mine.
Any help would be most welcomed. Thanks in advance.
The scenario you described sounds more like what would fit a Lease Option deal (if the owner would go for it). Finding out if the owner owns this property free n clear or if they owe on any of the properties would help you, along with the value of each. Being that you have a school and a church, that might fall under commercial property and it might not.
All of the other ?'s depend on what the buyer will do with them. The seller will have to worry about paying commissions on whatever selling price it comes out to be. It would honestly be better if they canceled their listing and went through you. You could maybe do lease option, Offer the seller a price under the buying price the buyer wants to pay. Then, you can adjust the down payment to take a portion of it out for your fee. Or, you can have the buyer pay you separately. If you deal with the Realtor, the seller will pay the Realtor commissions and they may not be too happy for it or even go for it, but you can try it that way as well.
There are other options you can try as well. This one comes to mind, that would work the best. I hope this helps you.