Philadelphia Archdiocese sells unused properties in auction
7/28/2013 | Real Estate Blog
Completing a real estate transaction can prove to be a positive move for both the seller and buyer. If the seller is looking to liquidate assets to have more funds on hand, a buyer can be of great service. At the same time, purchasing property can prove to be a sound financial investment for the buyer. This process can be completed in a fair and consistent manner so both parties can benefit the most.
Recently, the Archdiocese of Philadelphia sold four pieces of property that weren’t being used. The local church has experienced serious financial difficulty during recent years, so the real estate transactions were seen as a way to make up budget deficits.
The properties, which are spread throughout the area, sold for almost $2 million at an auction. Although the Archdiocese was able to sell four properties, a few other swaths of land remained unsold. Reportedly, the Archdiocese didn’t receive high enough bids, so they will likely try to sell them on the open market.
In many cases, it’s helpful to go into a real estate transaction with a clear goal and game plan in mind. If buyers and sellers are unprepared to enter into negotiations, they may not be able to sell or purchase property on terms that meet their needs. A trustworthy real estate attorney can help parties through the most critical junctures in a property transaction.
As the Archdiocese completes the sale of their property, they will hopefully be able to realize the financial benefit. At the same time, the buyers may now have to seek approval to develop the land according to their plans.
Source: PhillyBurbs.com, “Archdiocese sells properties in Plumstead, Abington,” Crissa Shoemaker, July 25, 2013