in search results for other agents who had buyers looking for that type of property. The address was incorrect. As a result, the listing did not show up on any of the real estate websites that use a map display. Finally, he 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.) After the bank refused to work with the buyers, each waited for the listing to appear. When it did not 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, the property didn’t generate any interest and it went into foreclosure. The man who lived nearby knew the bank had been trying to foreclose on the property. He did some research on the foreclosure at the courthouse and discovered that the bank had successfully foreclosed on the land. Knowing it had to be listed somewhere, he went online and searched through all of the properties for sale until he found the listing. To his surprise, it was priced well below its market value. Had the bank and agent not made these mistakes, the two initially 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 or beyond.
Most bank-owned properties are priced below market for a
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