websites that use a map display. Finally, the agent neglected to put a sign on the property. The person who eventually bought it lived down the road and drove past the property every day. They had done research noticing that the property was in default and they hoped to get it cheap in a foreclosure sale. After the bank refused to work with the initial buyers, each waited for the listing to appear. When it didn’t show up in searches, they gave up. Ultimately, both buyers moved on to find other pieces of land. Meanwhile, the property sat on the market, unnoticed. Because of the agent’s errors, no interest was generated, and the property ultimately went into foreclosure. As mentioned above, the buyer who lived nearby knew the bank had been trying to foreclose on the property. He diligently followed up on his research of the property and found out the bank had successfully foreclosed on it and he ended up buying it well below market. Had the bank and agent not made mistakes, the two originally interested buyers would have made offers and likely started a bidding war. There is a good chance the two buyers would have driven the price up to the fair market value. Most bank-owned properties are priced below market for a reason. Banks will discount homes they sell because they sit empty for months and are usually in bad shape by then. Foreclosed owners tend to go screaming and kicking and do damage to the property. The bank missed a full-price sale and lost $33,000. The property was acres of raw pasture. There were no problems with it. The buyer had lived down the road from it for years and was very familiar with it. He submitted their below market asking price,
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