Originally posted by 60 Deluxe
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Originally posted by Nate Riley View PostI'm certainly not trying to absolve either party, but I would agree with this. As a commercial appraiser who does donation appraisals, I would imagine that there is quite a bit more to the story or at least additional facts (including an appraisal) that would help us all to understand the situation better. The simplicity of the original post many have allowed some of us the room to make unfair judgments (especially about the church).
This is referred to as a "Bargain Sale to a Charitable Organization" in case anyone wants to research it.
The property will appraise at $1M. The seller is listing at 850k for a quick sale. The church is saying they will give him 750k and a receipt for 250k as a donation if it appraises for 1M. He actually said “we will give you more if it appraises for more.”
He was only asking $850. If he takes the deal he would only be donating $100k regardless of what it appraised at.
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Originally posted by FLASH_OUTDOORS View PostThe property will appraise at $1M. The seller is listing at 850k for a quick sale. The church is saying they will give him 750k and a receipt for 250k as a donation if it appraises for 1M. He actually said “we will give you more if it appraises for more.”
He was only asking $850. If he takes the deal he would only be donating $100k regardless of what it appraised at.
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Originally posted by FLASH_OUTDOORS View PostThe property will appraise at $1M. The seller is listing at 850k for a quick sale. The church is saying they will give him 750k and a receipt for 250k as a donation if it appraises for 1M. He actually said “we will give you more if it appraises for more.”
He was only asking $850. If he takes the deal he would only be donating $100k regardless of what it appraised at.
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Originally posted by Hoggslayer View PostBut if the appraised value is $1m he is allowed to claim that value for the purpose of donation evaluations. It doesn't sound like the church is doing anything wrong to me.
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What I don’t get is he was only asking $850k. He technically only gave them a gift of 100k. But because it will appraise at 1M or more he could be given a gift receipt for 250-400k depending on appraisal????
He could technically be making more money by selling to this church than if someone would have just bought it at asking price……..
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Originally posted by FLASH_OUTDOORS View PostWhat I don’t get is he was only asking $850k. He technically only gave them a gift of 100k. But because it will appraise at 1M or more he could be given a gift receipt for 250-400k depending on appraisal????
He could technically be making more money by selling to this church than if someone would have just bought it at asking price……..
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Originally posted by FLASH_OUTDOORS View PostThe property will appraise at $1M. The seller is listing at 850k for a quick sale. The church is saying they will give him 750k and a receipt for 250k as a donation if it appraises for 1M. He actually said “we will give you more if it appraises for more.”
He was only asking $850. If he takes the deal he would only be donating $100k regardless of what it appraised at.
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Originally posted by Hoggslayer View PostBut if the appraised value is $1m he is allowed to claim that value for the purpose of donation evaluations. It doesn't sound like the church is doing anything wrong to me.
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In the end, the seller will still lose real money below the $850,000 he was asking. Depending on his tax bracket, the sale price plus tax savings would probably be $800,000 to $825,000.
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[QUOTE=FLASH_OUTDOORS;16270977]What I don’t get is he was only asking $850k. He technically only gave them a gift of 100k. But because it will appraise at 1M or more he could be given a gift receipt for 250-400k depending on appraisal???
People sell houses all the time above asking price. Asking price does not determine actual market value.
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Originally posted by FLASH_OUTDOORS View PostWhat I don’t get is he was only asking $850k. He technically only gave them a gift of 100k. But because it will appraise at 1M or more he could be given a gift receipt for 250-400k depending on appraisal????
He could technically be making more money by selling to this church than if someone would have just bought it at asking price……..
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The reality is he is getting $750,000 when asking $850,000, and he needs to run the extra $250,000 through his tax guy to see where he would actually end up at with the donation.
I don't see the church doing anything wrong in this situation. I would argue it's one of the bargaining chips we, as a society, have afforded a church/religion because most are run on shoestring budgets.
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