What Does BOM Mean in Real Estate? [2020] | Hauseit®

BOM stands for “BACK ON THE MARKET” in
real estate, and is a common abbreviation used by real estate agents. As the name suggests, a listing that is back
on the market simply means that it is available again after a prior offer or contract fell
through. Why Would a Seller Put a House Back on the
Market? If the seller only had an accepted offer,
then the buyer could have backed out for any number of reasons during the due diligence
period. Perhaps the buyer’s attorney found something
sketchy about the building while reviewing the board meeting minutes, the annual building
financial statements or the condo or coop’s original offering plan. If the listing was in contract, the deal could
have fallen through if a contract contingency was met. For example, perhaps the buyer had a mortgage
contingency in the contract and was not able to get a commitment letter from a bank within
the time limit, and decided to back out. Or perhaps the appraisal came in low, and
the buyer was protected by an appraisal contingency clause in the contract and decided to back
out. Can a Listing Be Back on Market Through No
Fault of the Seller? Yes, just because a listing is back on the
market does not mean there’s something wrong with the property. Sometimes, a buyer will back out of deal that’s
in contract simply because the co-op board rejected them. Or perhaps the buyer wasn’t able to get
a loan, or couldn’t close with a loan because the buyer lost their job at the last minute. What to Watch out for in Back on the Market
Homes As a buyer, you should always be wary about
why a home may be back on the market, especially if the price seems too good to be true. Did the last buyer find something out about
the property during the due diligence period that made the purchase untenable? Leverage your buyer’s agent to reach out
to the listing agent for the inside scoop on what happened with the last deal. Many listing agents will be very upfront and
honest about what happened, for example if the buyer was simply rejected by the co-op
board. Steps to Putting a House Back on Market If your home is back on the market because
an accepted offer fell through, then very likely there’s no need to change your listing’s
status. That’s because many MLS systems only have
three primary listing statuses: Active, in contract and sold. If for some reason your MLS does have a pending,
offer in or accepted offer listing status, then make sure your listing agent changes
that back to active. If your deal was in contract and the buyer
still fell through, then you need to ask your listing agent to change the listing status
from “in-contract” to “active.” This will typically trigger a notification
on many people’s automatic search alerts. In either of these scenarios, it can also
be helpful if your listing agent added to the beginning of the listing description,
perhaps in all capital letters, “back on the market” just so people know why it still
hasn’t sold yet! Want to learn how you can save $20,000 or
more on closing costs by working with one of our experienced partner brokers? Sign up for a Hauseit Buyer Closing Credit
at www.hauseit.com today!

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