CHAPTER 10 Price Slashed, Profits Trashed
Want to know the fastest way to lose tens of thousands of dollars selling your house? Misprice it. From clueless owners to banks bungling listings, this chapter dives into the real estate horror stories that prove one brutal truth: the market doesn't care what you think your house is worth. It only cares what it's worth right now . UNDERPRICING: THE SILENT KILLER OF EQUITY The #1 reason sellers walk away with less money than they should? Underpricing. The worst part? Most never even know it happened. Take the couple who sold three acres for $80,000. The land was actually worth about $300,000. Why the massive gap? They lived 30 miles away, had no idea it was zoned for high-density condos, and their agent didn’t do the homework either. A savvy buyer scooped it up, and the sellers didn’t realize their mistake until condo construction began.
That’s a $220,000 loss because no one asked the right questions.
BANKS BLOW IT TOO Banks should know better, right? Think again. One listed a property worth $100,000 for $67,000. Two ready buyers had been waiting to pounce. But due to multiple blunders—bad MLS entry, no signage, and the wrong address—no one found it. It sat. It rotted on the market. And then a neighbor who'd driven past for years bought it for full asking: $67K. The bank lost $33,000. Why? They assumed any early offer was a 42
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