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The property was listed for $75,000. (for what it's worth, the county website has the property valued at $249,000)
We offered $80,000 with no contingencies and we had a strong approval letter from our bank for a commercial loan.
There was also a cash offer with no contingencies made prior to our offer.
The congregation met this past Sunday and voted to go with the cash offer. I learned today that the cash offer was $50,000. I am a bit in shock that it went that way, with such a large difference in offers. I know cash is king, but to the tune of $30,000?
At any rate, we would like to contact the buyer and offer him the $80,000. We are hoping the thought of a profit without having to put any money into the place might be appealing to him.
My question is, is there any way to find out who the buyer is without waiting to check the public record of the sale to be recorded? Or is that the best way to go about it? Any suggestions on how to go about making such an offer? We'd like to reach him before he invests any more money into the place. Dealing with the particular real estate company that handled the original sale has left a bad taste in our mouth, so I'd really be hesitant to go through them for anything again.
I don't have any advice but I read your post and was really pulling for you! Maybe if your agent knows theirs?
Thank you!
The agents do know each other, they work for the same broker, and have a barely contained disdain for one another. (We had no idea what we were walking into with them, and because we felt under the gun to submit an offer before the church counsel met, we plowed forward with our agent.) I just don't feel like an honest exchange of communication would happen if we asked our agent to inquire.
The agents do know each other, they work for the same broker, and have a barely contained disdain for one another. (We had no idea what we were walking into with them, and because we felt under the gun to submit an offer before the church counsel met, we plowed forward with our agent.) I just don't feel like an honest exchange of communication would happen if we asked our agent to inquire.
That is a huge issue. My agent is part time and has been upfront about the politics behind real estate. Hope someone can answer your question.
You might write a note to the pastor and board saying thank you for considering our offer of $80,000. While we were surprised to find you accepted a much lower offer, we still ....whatever...wish you all the best in your future.
That could be one way to be sure they all understand you did put in that offer and it was higher.
If someone gets back to you, that might open a line of communication.
Sorry to hear that you lost out on the sale. Don't expect that the purchaser will be willing to sell--however, there is a slight chance so it doesn't hurt to try. I think your best chance of getting the information is to contact people at the church. I'd ask the Pastor--although he may think that is rightly confidential. If that doesn't work, your only shot is probably through the listing agent.
You might write a note to the pastor and board saying thank you for considering our offer of $80,000. While we were surprised to find you accepted a much lower offer, we still ....whatever...wish you all the best in your future
Yep. That is what I would do. Its possible the seller never even saw your $80k offer.
We were able to speak to the buyer yesterday. My husband told him we would offer him what we offered the church folks: $80,000. His reply was "I was thinking more like 100". Hubz told him we would have to talk about it, check our budget, with bank, etc.
We would be completely depleting our savings to do $100,000 with the 20% down and doing the work needed on the parsonage house to get it rentable. My thought was we should counter with $85,000. Having said that, husband and I both agree it would be worth $100,000 to us. Finances would be tight in the beginning, but we could do it.
Random bits:
- They haven't closed yet. Guy didn't give any indication of when they would, only a comment that it was "taking forever".
- We are in agreement that we will each use our attorneys for any purchase rather than involving realtors.
- We know he is paying $50,000.
- Church and parsonage share utilities, which is one reason why they were sold together. Parsonage needs a new roof and updating inside. Church is expensive to heat in the winter. My thinking is, if he keeps it, he needs to invest a significant amount of money to either separate utilities and sell, or rent parsonage house and pay for upkeep of church. I am hoping he will decide that a $30-35,000 profit almost immediately with little effort would be worth more than either dumping more money in or holding out for more that might never come. Speaking of hope...
- Hope is a tease! I am acutely aware of how our emotions could be influencing our decision to go up to his asking price. We have always loved the idea of converting a church into a home. Having the sanctuary space upstairs for musical performing and recording would be an absolute dream come true for us.
So, kind and honest people of CD: given this info, would you have any advice on negotiating price?
If you were at $80k as is, I would tell him that you would entertain $100k if he put a new roof on and all those other things you want done. By the way, are you going to be able to even get financing with a bad roof? Most lenders won't lend with bad roofs or bad foundation and things like that. You need to talk with your lender to make sure you could even get the financing if the condition is that bad.
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