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.
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:
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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?
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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