Let's talk about views, air rights in particular, know if there is a building planning to erect the perfect southern exposure the home/condo currently enjoys. If the buyer knows there is a new development coming across the street and your home is priced with those views in mind, expect to get a lower price. Air rights as defined by American Planning Association, planning.org, comprise the rights vested in the ownership of all the property at and above a certain horizontal plane as well as caisson and column lots essential to contain the structural supports of the air rights improvement. This means in effect a horizontal division of real property, with the parts under separate ownership and involving an allocation of responsibilities and rights. In everyday terms, air rights is the property interest in the "space" above the earth's surface. The right to use or develop space above the land without interference. BANK ERROR Banks know that if a buyer makes an unsolicited offer, 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 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 due to an oversight, they put the property on the market for $67,000.
First, the bank underpriced the property by $33,000. Second, the
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