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 bordering their property. You can see where this one went. In the end, the sellers were not aware they left $200,000-plus on the table until condo-building began. I also had a client who owned a multi-million dollar beachfront luxury home. He mentioned to me that he wanted to sell the home and achieve $2.8 million dollars. This was a private verbal offer he received from a prospect who contacted him to buy the property. He thought it was a great offer and was strongly considering taking it. I immediately indicated to indicated to him that he was grossly undervaluing his home. He did not realize there was a pending sale similar to his that was under contract for $3,300,000. Had he not contacted me, he would have sold his house for $2,800,000. We listed the home on the open market and had a full price offer within 11 days.
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
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