• Their agent didn’t realize the development potential either.
Their buyer was knowledgeable and experienced with 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 right past their property. BANK MISTAKE Banks know when a buyer makes an unsolicited offer, and 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 people were interested in buying a particular piece of property. 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. Unfortunately, the bank refused to take any offers on the property. They would not budge until it was listed on the open market. For some reason, possibly an oversight, they put the property on the market for only $67,000. First, the bank underpriced the property by $33,000. Second, the bank’s agent did not market it properly. Errors were made in the MLS listing. As a result, it didn’t show up
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