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Banksters foreclosing on churches in record numbers

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  • Michael Royce | | 10 Mar 2012, 05:31 PM Agree 0
    I have specialized in the marketing of church buildings for about 10 years now. Churches are downsizing and some are upsizing. The lower the price of the church building the faster it will sell. Church buildings buyers are looking for a sanctuary that will hold their membership plus some. They also are concerned about the number of parking spaces and church buildings must have a kitchen and hopefully a fellowship hall or it may not sell . Central air is a plus too! Number of classrooms and office space is important. What I have noticed is if the church is not ministering to the youth, they will eventually have to close their doors. What may stop a church from selling is the lack of financing being available. Financing of churches come and goes. One year it is available and another year it is very hard to find financing. Closing cost can be quite high. Many of the smaller churches have a hard time coming up with 20%-30% down. Sometimes we need financing where the buyer puts 10% down, the seller carries a second mortgage and the buyer obtains a 60% mortgage from a bank . It helps if the seller will also pay the buyer's closing cost.
    I have sold church buildings from $14,000 to a million dollars. Financing is always the hardest part to get resolved.
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