Homes For Sale Back On The Market
Back On Market Properties
Back On Market Idx
What Does Back On Market Mean?
BOM is an acronym used by Realtor MLS systems to let us know that a property has come “Back On (the) Market” after having been under contract. Any time a contract fails to close and the listing agents removes the status of “contingent” or contract “pending,” then the property appears as “Back On Market” for a period of 7 days, then it appears in an “Active” status.
MLS listing statuses drive the whole homebuyer shopping experience. Homes that are “Active” mean that no buyer has them under contract. Prudent buyers focus their search on active listings.
Back on Market listings are a special subset of active listings, and some of the best deals in the market can be found with this label. Of course, there are some properties that end up BOM for reasons that you will want to avoid.
Reasons A Home For Sale Comes Back On The Market
Often times, homes that go under contract spend fifteen days or so in a “contingent status.” This is done to allow the buyer his due diligence … time to inspect the property and make sure it is as nice as it appears. Sometimes the house is perfect, but the buyer is not. If the buyer defaults, it will create a BOM listing.
Some of the reasons you find listings back on the market include:
- Buyer Default – Anything from the listing agent failing to qualify the buyer (and the buyer’s agent) to the buyer having a change of heart, sometimes the buyer just walks away. While this might leave a legal issue between Buyer and Seller, it almost certainly creates a back on market listing for you to savor. Upscale homes have a high enough degree of these as well, as many buyer agents take unqualified buyers to woo over these beautiful homes.
- Post Inspection Negotiations – Often times, after the buyer has had the property inspected, an issue is found and the buyer and seller cannot come to terms with what needs to happen. If the buyer walks away over the inspection issues … you guess it, the home is BOM.
- Valuation – It could be that the property does not appraise for the amount it is being sold at so the buyer decided to let it go.
- Short Sale – There are many reasons that a short sale contract will fail to close. Sometimes the bank takes so long to answer that the buyer moves on to another home. Sometimes the bank might not approve the short sale at the contract price so the seller or buyer choose to cancel the deal. Regardless of the numerous reasons that a short sale fails, it does create a back on the market listing.
- Death (it happens, in the middle of a sale, either the seller or the buyer dies, and the contract becomes invalid).
- Other Reasons – There are still many other reasons that a contract will fail to close. Short of the seller deciding to stay in the home, you can count on it being back on the market right away.
If you would like to be texted when a new opportunity hits the market, please complete the form and use the note section to provide us a phone number and tell us about the home that you want us to find for you.
How Long Does The Back On Market Status Remain
Homes that come back to the market show a status of “BOM” for 7 days, then the status automatically changes to “Active.” Does this mean you have 7 days to getting around to see it?
Not likely!
When a home is BOM, you can bet that it will sell right away if the prior contract terminated due to Buyer Default or another buyer-side issue.
If you like a listing that is BOM, don’t wait to go see it and be prepared to write an offer pronto if the home is right for you. Just make sure your buyer’s agent discovers and then explains to you the reason for the prior contract failing. You don’t want to waste money and time on a home that you will not want.
Need more help with the home buying process? Consider enrolling in our FREE Home Buying For Smart People e-Course, where you’ll receive a lesson everyday via email for 3 weeks. It will prepare you to be a smarter home buyer, and help you save money and choose a better home for your needs and wants.
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