three acres were designated for high-density condos. The sellers were unaware of the zoning, nor did they know that 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. Ouch.
BANK ERROR
Banks recognize that when a buyer makes an unsolicited offer, it's often below fair market value. For example, a bank once lost over $30,000 due to an error stemming from that assumption. Two individuals were keen on purchasing a piece of property situated in a prime location and distinct among the options available in the area. Both buyers were eager to submit an offer before someone else could outbid them. Either of them would have been willing to pay the fair market value of $100,000 for the property. Money was no issue; both buyers could pay in cash. Unfortunately, the bank refused to accept any offers on the property. They would not budge until it was listed on the open market. For some reason, possibly due to an oversight, they listed the property at $67,000. First, the bank underpriced the property by $33,000. Second, the hired agent failed to market it effectively. There were errors in the MLS listing, leading to it not appearing in search results for other agents with buyers seeking that type of property. The address listed was incorrect, which prevented the listing from appearing on any real estate websites that feature a map display. Finally, the agent neglected to place a sign on the property. (The person who eventually bought it lived down the road and drove past the property every day.) After the bank refused to work with the buyers, they each waited for the listing to appear. When it didn’t show up in searches, they
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