developments. He researched the zoning and discovered the three acres were zoned for high-density condos. The sellers did not know about the zoning, nor did they know the county was planning to build a new road bordering their property. You can see where this one went. In the end, the sellers were not aware they left $200,000-plus on the table until condo-building began.
BANK ERRORAND AGENT ERROR
Banks know that if a buyer makes an unsolicited offer, most of the time, the offer is below fair market value. In one case, a bank lost more than $30,000 on a mistake based on that assumption. Two different potential buyers were interested in buying a piece of property they had researched and found that was nearly in foreclosure. It was in an excellent location and unique among properties available in the area. Both buyers were anxious to make an offer before someone else could offer more. Either one of them would have been willing to pay the fair market value of $100,000 for the property. Money was no problem; both buyers had the ability to pay in cash. They both approached the bank but unfortunately, the bank refused to take any offers on the property until the actual seller had listed the property for sale on the open market. For some reason, possibly due to an oversight or an inexperienced agent, the sellers put the property on the market for only $67,000. The property was easily underpriced by $33,000. Second, their hired agent didn’t market it properly and there were errors made in the MLS listing. As a result, it did not show up in search results for other agents who had buyers looking for that type of property. The address was also incorrect. As a result, the listing did not show up on any of the real estate
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