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Updated over 6 years ago,
Buying note for my church...need help
Hey guys,
I have a situation I need help with. My church had a contract to purchase a church building in the city I live/ own several real estate properties in. The seller is behind on his payments and heading toward foreclosure, and he’s selling the property for what he owes on it to my church..he’s financed with a local bank.
We were getting close to closing, and we find out that an 18 year old grandchild had to sign to get a clear title for some reason or another...WELL the 18 year old had to have his guardian sign also, and THEN...proof of guardianship could not be provided because the guardianship document was kept at a courthouse that flooded. Suffice to say, the deal is off and the bank is going to begin foreclosure process and most likely open bidding to the public
I reached out to the bank, and they mentioned I could potentially “buy the note” from them so at least I could secure the property for my church. However, back to the 18 year old, I still wouldn’t have a clear title due to the guardianship document issue. The seller has no intentions of catching up on his note, and he wants my church to get the property.
Does anyone have any advice or ideas what I could do here? Our church REALLY wants this building and I want to do whatever I can to help. Thanks in advance!