We have been leasing the building where the children’s home is located for 9 years. And have done many improvements and upgrades.
We very recently found out that the owner had taken out a loan using the building as collateral to pay medical expenses. He has quit making the loan payments. The bank considers the loan in default.
The lawyer has talked to the bank and they would sell us the property for the amount of the money owed, survey, and legal fees. This totals right around $5200 USD.
This is approximately 1/5th the amount that the bank had it appraised for at the time of the loan. Since then we have put a roof on it as well as a new septic tank, so it should be an even better value now.
Because of the status of the loan, they cannot give us a loan on it, without the above mentioned costs being paid first.
Since many of you who read this blog are believers, I ask you to pray for the situation and that money will come in to purchase the building.