CHAPTER 3 What to Avoid Here’s another example of a stupid mistake that caused a seller to lose about $50,000 — yes, that’s $50,000 — on their sale. An alert buyer was able to snatch up a $180,000 piece of land for only $130,000. It was being sold by an out-of-town owner. The agent the seller hired was not familiar with the area and suggested the low price. The agent did not bother to put a sign on the property, did not advertise it for sale in any way, and hardly anyone knew it was for sale. At least two buyers wanted to buy this property. One buyer really wanted it because it was right next to his house. He would have a bigger yard with more room for his kids to play. The other buyer lived in a nearby area and wanted a larger yard than he currently owned. He wanted to buy this property and build a house on it. The first buyer bought the property before the second buyer even knew it was for sale. As soon as the first buyer found out it was for sale, he made an offer. The seller accepted the offer, and the property sold soon thereafter. This buyer would have gladly paid full asking price for the property. But he didn’t need to, because the seller, with only one offer in hand, accepted the offer he made. The second buyer never found out the property was for sale until 10
Powered by FlippingBook