AFY Gina Newell - Biz-Card V1 - 2961

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 unsolicited offers on the property. For some reason, possibly due to an oversight, the Bank decided to put the property on the market for $67,000 and hired an agent to market it. Errors were made in the MLS listing so it did not show up in search results. Even the address was incorrect so the location mapping was wrong. And, the agent neglected to put up a "For Sale" sign (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 original potential buyers, each of them waited for the listing to appear on the MLS. When it didn’t show up in searches, they gave up. The man who lived nearby knew the bank had been trying to foreclose on the property. He did some research on foreclosures at the Courthouse and found the bank had successfully foreclosed on it. 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 the market. Had the bank and agent not made mistakes, the first two 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. The Bank missed a full-price sale and lost $33,000. The property was acres of raw pasture. There were no unseen problems with it. The buyer had lived down the road from it for years and was very


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