Pre-Auction Offer

[Julie Taylor]

Good afternoon BP Community! Thanks in advance to all of you who provide very helpful, extremely friendly advice. I love learning from you all!

I am looking at making an offer on a church property that is scheduled to go up for an REDC auction. I am curious if anyone can offer insight to what sort of percentage the bank might entertain in order to pull the property from the auction list. I understand that the property has been mortgaged for upwards of $250k in the past, although it has appraised in the last year for $140k and been assessed by the county for around $180k.

The intent is to use it as a church, not sell it or hold for future development.

Some details:

About 1500 sq ft, Frame Construction/Vinyl Siding
About 35 years old
About 1.5 acres
In a residential area, so it's grandfathered as a church or hold for future residential development only.
Not a fancy area, but not really bad either. Homes between $80k and $160 in the general area...and a few dumps.
Was scheduled for auction once before. Can't determine if it went and just didn't get bid to reserve or never went.

There's a pretty short timeframe for making pre-auction offers, but I'll be viewing soon and making a decision of what to put in LOI.

Your advice is greatly appreciated!