Podcast Appearances
So we own a home. I figured that'd be your answer.
Could I share some more information?
Could I share some more information?
Could I share some more information?
Okay, so we own a home that's next door to the church, and we're members at the church. We've used this house as a rental, but now we'd like to sell it. And when we bought the house years ago, a few members that are on the church board had asked for first dibs if we ever decided to sell the house. So we gave the board the opportunity to purchase it for $210,000 on a cash offer.
Okay, so we own a home that's next door to the church, and we're members at the church. We've used this house as a rental, but now we'd like to sell it. And when we bought the house years ago, a few members that are on the church board had asked for first dibs if we ever decided to sell the house. So we gave the board the opportunity to purchase it for $210,000 on a cash offer.
Okay, so we own a home that's next door to the church, and we're members at the church. We've used this house as a rental, but now we'd like to sell it. And when we bought the house years ago, a few members that are on the church board had asked for first dibs if we ever decided to sell the house. So we gave the board the opportunity to purchase it for $210,000 on a cash offer.
The home appraised at $233,000. So the board presented the opportunity to the church and then the congregation voted to go ahead with purchasing the home, but they left the option for how to pay for the home up to the church board. So we were then presented with a counter purchase agreement, but it's a financed offer.
The home appraised at $233,000. So the board presented the opportunity to the church and then the congregation voted to go ahead with purchasing the home, but they left the option for how to pay for the home up to the church board. So we were then presented with a counter purchase agreement, but it's a financed offer.
The home appraised at $233,000. So the board presented the opportunity to the church and then the congregation voted to go ahead with purchasing the home, but they left the option for how to pay for the home up to the church board. So we were then presented with a counter purchase agreement, but it's a financed offer.
And we were really clear with the board that this was the opportunity to purchase the home for $210,000 cash. We wanted to give the church a deal as an act of goodwill. And The church has the money. They have well over $400,000 in extra savings that they have in CDs right now.
And we were really clear with the board that this was the opportunity to purchase the home for $210,000 cash. We wanted to give the church a deal as an act of goodwill. And The church has the money. They have well over $400,000 in extra savings that they have in CDs right now.
And we were really clear with the board that this was the opportunity to purchase the home for $210,000 cash. We wanted to give the church a deal as an act of goodwill. And The church has the money. They have well over $400,000 in extra savings that they have in CDs right now.
Yes. Yes, that's correct.
Yes. Yes, that's correct.
Yes. Yes, that's correct.
But the board wants to keep that money in savings and not spend it on the home. And so we feel like we don't want to accept that mortgage offer for two reasons. One is because I don't think that the church needs to go into debt to buy the home. It's not a need. They have the money in savings to pay cash. Frankly, I think it's completely foolish for the church to go into debt for it.
But the board wants to keep that money in savings and not spend it on the home. And so we feel like we don't want to accept that mortgage offer for two reasons. One is because I don't think that the church needs to go into debt to buy the home. It's not a need. They have the money in savings to pay cash. Frankly, I think it's completely foolish for the church to go into debt for it.
But the board wants to keep that money in savings and not spend it on the home. And so we feel like we don't want to accept that mortgage offer for two reasons. One is because I don't think that the church needs to go into debt to buy the home. It's not a need. They have the money in savings to pay cash. Frankly, I think it's completely foolish for the church to go into debt for it.
And additionally, we buy and sell a lot of real estate and we know that mortgage offers can tend to drag on and on. They take longer to close. Sometimes they require dumb little stuff to be fixed on the house. And so we're willing to accept less on a cash sale just for simplicity.