Published by abuelo on 18 Mar 2009 at 11:32 pm
Property Next Door
We have been asked by a number of people about the property that is for sale next door. We are making information available here for your reference. If you have questions, please either post a comment here or email me at felix at fbai-usa dot com. We will post the answers here so they may be shared.
The property was forclosed and is now owned by Fannie Mae. The last sale was for $328,000 six years ago. Fannie Mae has accepted our offer of $152,000 pending congregation approval.
The property is currently considered “Under Contract” to GSPC contingent on “Due Diligence” and approval of the Greater Atlanta Presbytery. According to the Reallist Tax Record, the property is 3.5 acres. Closing is scheduled on or before April 3, 2009.
Two appraisals are currently being prepared (part of due diligence). Financing options are being researched.
As shown here, the property extends along the full length of the South-East property line of GSPC. Ignore the address posted at the top of the view. The address is actually 1436 Killian Hill Road.
Overhead (Note overlayed property line)
The primary value of the property to GSPC is the property. The opportunity to add the 3.5 acres at the price offered regardless of the house on the property places the church in the centre of the combined lots and opens possibilities of expansions in a number of ways. However, the property does come with a house and must be considered with the purchase regardless of the final use of the property.
The original house was built in 1929. It has apparently been updated a number of times.
The main characteristics:
- 4 bedroom, 2 bath
- Family Room
- Game Room (built in garage)
- Dining Room
- Kitchen
- Large Utility Room
- Pool Shower Area
- External Work Shop
- Large Storage Area next to Game Room
- Swimming Pool (pump and filter appear to be intact — needs a lot of work)
- Air conditioned, Gas Heat
- Hardy Plank Siding
- Security System
- Lawn Watering System
- Manufactured Fire Place
Things that need to be done:
- Home Inspection with all utilities on.
- Termite Inspection.
- AC Servicing. If operational with Home Inspection, this may not be necessary.
- Replacement of linoleum in kitchen.
- Repair of Floor in Master Bedroom.
- Repair holes in the walls. Only patching required. Replacement full sections of wall-board probably not required.
The “Birds’ Eye” view shows a view of the house. Following that picture are a number of pictures of the inside and exterior of the house.
Birds' Eye View
Outside Views
Playhouse at midpoint of property
Swimming Pool Area
Family Room
Dining Room
Kitchen
Master Bedroom (Note Buckled Flooring)
Electrical Box (example of repairs needed)
2 Responses to “Property Next Door”
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2fromchinamom on 20 Mar 2009 at 9:11 pm #
Note: This comment was edited by Abuelo to improve readability.
If the contract has already been drawn up, why is it needing a congregational vote? Sounds like someone already decided to go ahead with this.
I think there is additional information that the congregation should be aware of before this comes up for one of the “blanket” yes votes that usually come about at congregational meetings. While on the surface this sound great to me. But, in all fairness to the congregation, we should also be given the information that could have long term impact on the churches finances;
1. Does the land have “improvements” (buildings)?
2. How is the property zoned? Is it residential or business.
3. Does the property have any “issues”? (ie, part flood zone, county easements, under high voltage power lines, etc.
4. How much are current property taxes per year?
5. How much would insurance be per year?
6. Has a title search been done to be sure there are no liens against the property?
7. How much would closing costs be?
8. What size is the lot (in acres)?
Is there any way that the answers to the above questions could get answered & emailed out in time for us to digest the information before having to vote?
abuelo on 21 Mar 2009 at 4:08 am #
Thanks for your interest. I will embed my answers in italics below. However, if you are not satisfied with the answers please ask at the Congregational meeting.
If the contract has already been drawn up, why is it needing a congregational vote? Sounds like someone already decided to go ahead with this. In the present day of foreclosures, it is necessary to act quickly to get a contract on foreclosed property. The contract is contingent upon congregational approval therefore a negative vote would invalidate the contract.
I think there is additional information that the congregation should be aware of before this comes up for one of the “blanket” yes votes that usually come about at congregational meetings. While on the surface this sound great to me. But, in all fairness to the congregation, we should also be given the information that could have long term impact on the churches finances;
1. Does the land have “improvements” (buildings)? Yes, see description and pictures above. However the purpose of purchasing the property is for acquisition of the land, not using the improvements.
If so, what condition are they in?
If not in good condition, what would repair costs be?
What is their value, separate from the value of the land?
What would be the possible annual upkeep/revenue from them?
2. How is the property zoned? Is it residential or business. Residential, Subsequent rezoning may be required if primary use is changed.
If business, what type of restrictions on the type of business?
If residential, can it be re-zoned business?
If residential, are their restrictions o “improvements”
3. Does the property have any “issues”? (ie, part flood zone, county easements, under high voltage power lines, etc. None Known
4. How much are current property taxes per year? Church ownership will reduce the current tax rate depending on how GSPC decides to use the property
5. How much would insurance be per year? Again, depends on use.
6. Has a title search been done to be sure there are no liens against the property?This will be done before “closing” on the property.
7. How much would closing costs be?This is usually not determined until the week before closing. Typically it is less than 3% of the purchase price. Because of the way this is handled we expect it to be much less than 3%.
8. What size is the lot (in acres)?3.5 Acres, according to tax record, appraisers have reported 3.8 acres.
Is there any way that the answers to the above questions could get answered & emailed out in time for us to digest the information before having to vote? Probably not. However, it will be available here.