There is a small church for sale in a very good location, It just came on the market at what I feel is a below market price, inorder to start a bidding war.
Not surprisingly I'm having a hard time coming up with comparables.
In my favor is that they are only accepting cash offers, or possibly owner financing. I'm thinking about putting in an offer with an escalator clause, saying i'm willing to beat any cash offer by 2000 dollars up to a certain point.
Any advice on coming up with valuations on unusual properties?
Any advice on making offers with an escalator clause?
thanks, I really would appreciate any advice I can get
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FollowBefriend9 threads86 comments Portland, OR
Oh, I should mention my intention is to convert it to a home
FollowBefriend (1)65 threads1,209 comments
Oh, I should mention my intention is to convert it to a home
I wouldn't want that Karma.
What size dumpster are you going to use, to toss the pews, alter, and the giant crucifix in, are you going to ebay the stainglass?
Which brings me to another thought.
It might not bother you, but when you sell it, if you didn't disclose it was a church you so unceremoniously gutted and put in stripper poles and granite counters, I would be looking for a lawsuit.
And if you told me before hand, I would pass on the place.
How long do you plan keeping the place?
to answer your question/accusation, forever I plan on raising a family in it.
as for the pews, Yes I will sell some and use wood in others for furniture
no stained glass or crucifixes, as owners are a group that value simplicity and modesty.
So in short, I'm not a douche-bag flipper with granite in his eyes, I'm a young guy who has worked his ass of his entire life and happens to have enough cash to buy a modest home without going into debt.
FollowBefriend (1)24 threads557 comments
Confirm that you're allowed to use the property for residential use. I'd also make any offer contingent on a home inspection, churches are more susceptible to problems.
Otherwise, congrats, a church could be a very cool house.
wow what a cool project.
I'm looking at something on a much smaller scale, were talking fractions of millions.
Thankfully I enjoy the churches rather austere simple elegance and don't plan on changing any of the exterior that faces the street. Did check with the city with regards to zoning and all things are ago.
FollowBefriend (28)171 threads4,222 comments Premium
Get someone to ordain you and have a service once in a while, especially if there is a tax advantage to church properties in your state.
I actually think the Karma that would come from taking an old church which is in disuse and turning it into a home would be nothing but positive.
We have many old churches in my area that have been beautifully converted into condos and they are stunning. I like this one particularly:
Congratulations, enjoy your home.
FollowBefriend8 threads530 comments Murrieta, CA
Turn it into a yoga studio maybe?
FollowBefriend (13)103 threads3,768 comments
Are you prepared to deal with local religious crowd that considers "thou shall not kill" a flexible commandment when one is under mission from god to rescue their place of prayer and salvation?
FollowBefriend285 threads1,760 comments
If you buy the church, have religious services once a month so that you can keep the tax exemptions.
FollowBefriend3 threads104 comments San Jose, CA
Is this a foreclosure?
You're likely going to be bidding against corporate entities. Be prepared to overpay.
I doubt an escalator clause would work. Your offer would be viewed as your maximum amount. They do not even have to disclose any details of any other offers to you.
FollowBefriend (1)9 threads194 comments Beverly Hills, CAWillyWanker's website
I don't see bad 'karma' from buying a church. True, funerals may have been held there but so were weddings and, if it's a Catholic church, communions and confirmations, etc. I think it would be a fun project to take a church and convert it to a single family residence. My partner and I have done multi~million dollar restorations of some very large (6,000+ square foot) homes and it's always a fun experience. If you are planning to live there, you should be able to watch your expenses if you take on the task of contracting out the labor and being the project manager. Just make sure that the church in question is zoned for the conversion you seek. Also check with the city to make sure you are allowed to rework interior/exterior spaces/elevations.
When it comes time to sell, it might not be the home for everybody. But if there are truly multiple parties interested in it as a church, you should still find enough people who would want to buy it from you when the time comes. In the mean~time, you and your family will have an interesting and unusual place to call home.
Good luck to you!
Thanks for all the comments.
A little more info, no it's not bank owned, the congregation was dwindled and aged and cannot afford to maintain the building.
As for tax breaks I thought about it, as I am a reverend in the Universal Life Church, however it would be bad karma and unethical of me to try and keep the property tax exempt.
Any tax breaks I'm going to get are from adding insulation and installing a radiant heating system.
Yes I'm worried about using an escalation clause.
Once again, thanks
FollowBefriend (4)20 threads108 comments San Francisco, CAMalkovich's website
Interesting idea. There is a multi-million dollar church converted into a residence here in San Francisco. It is across from Dolores Park. Just looked up the article - looks like a school may have bought it: http://blog.sfgate.com/inthemission/2011/05/03/childrens-day-school-to-buy-castle-onthe-park/
Question about your escalator clause: Do the realtors have to provide you with some sort of proof (notarized offer letters?) of competing bids? As far as I know, in the regular BS game of real estate the selling realtor can pretty much lie their ass off and tell you whatever they want.