Questions and Answers

Below are some commonly asked questions. If you have a question or concern that is not addressed here, please click Info Request button.

Is church financing available?
How large a down payment is usually needed?
What does it take to qualify for church financing?
Are there benefits to being pre-qualified by a lender?
How is a realistic market value determined?
How long can it take to sell a church property?
What other information would be helpful?

 

 

Is church financing available?

Church financing is a very specialized form of commercial lending. Because it is so specialized, many financial institutions do not offer financing for churches. Fortunately, there are some good church lenders including a few commercial banks, credit unions, and other lending sources. For over 25 years Earle has assisted churches to find the right financing.
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How large a down payment is usually needed?

Often, potential church buyers are surprised to learn that the down payment percentage needed to finance a church property is usually much higher than to buy residential property. Many times their surprise is quickly followed by disappointment because they don't have enough funds saved for the down payment required by the lender. One of the first steps in preparing to relocate is financial planning. Earle can help your church formulate its relocation plan.
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Are there benefits to being pre-qualified by a lender?


There are a number of benefits when a buyer is pre-qualified by a lender before viewing a property and writing a purchase offer. The pre-qualified buyer:

1.  is in a favorable negotiating position

2.  saves time and effort in viewing only properties they are qualified to buy

3. can prevent the embarrassment of being turned down for a loan

4.  avoids placing the sellers' financial security at risk (by needlessly taking the property off the market)

5.  can reduce the escrow time because the loan approval process is already in progress.

Buyers who are motivated will do what it takes to put themselves in the most favorable position to acquire a property. All else being equal, a seller will certainly take the offer of a pre-qualified buyer over one that has not been pre-qualified. Earle can assist in finding the right lender.
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What does it take to qualify for church financing?

Every lender is a little different, but in general a church borrower a) needs to be incorporated, b) have three years or more of financial statements, c) have a good down payment, and d) have sufficient income to make the loan payments. Earle can assist you in determining the amount you qualify for.
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How is a realistic market value determined?

A key component in marketing a property is having a realistic asking price. Through special training and many years of experience, Earle can establish a realistic market value for church property. Using an extensive database of comparable church properties, along with construction costs and land values, plus public records, Earle prepares a lengthy report of his opinion of value. On average, Earle's opinion of value is within a very few percentage points of the actual sales price.
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How long can it take to sell a church property?

There are many factors that influence the sale of a property -- such as location, price, and building condition. Over the past few years, Earle's experience has been that it takes an average of about five months to get a church property under contract and about three more months for escrow to close.
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What other information would be helpful?


Earle has assisted hundreds of church buyers and sellers, with every transaction being different. With his extensive background and experience, someone suggested that he write a book. So he did. The Church Leader's Complete Guide to Successfully Buying and Selling Church Real Estate is available to you at no cost or obligation. Just send us an e-mail with your name and address and the Guide will be sent to you right away.
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Realty Executives
20359 N. 59th Ave. #100 • Glendale, AZ 85308
Earle: 623-561-8800 • Fax: 866-512-4953
Earle Shroyer, Church Marketing Specialist


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