today’s market. They put their house on the market, sell it for less than it’s worth, and never realize their mistake. A perfect example is the sellers who sold 3 acres – that was worth about $500,000 – for $133,000. • They lived about 30 miles away and didn't realize the development potential the property had. • They hired an agent who wasn't familiar with the area. • Their agent didn't realize the development potential. 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, neither did they know the county was planning to build a new road right past their property. Bank Mistake Banks know if a buyer makes an unsolicited offer, most of the time the offer is below fair market value. In one case, a bank lost about $75,000 on a mistake similar to this. Two people were interested in buying that piece of property. It was in an excellent location and unique compared to properties nearby. 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
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