Where To Find Great Deals On Back On The Market Listings
We have added a page to our real estate website for serious homebuyers.
Of course, by "serious" we mean those buyers who have been actively preparing to buy a home, have all their finances in order, and are just waiting for the right property to hit the market. THIS PAGE will likely have that property on it!
Have you ever considered which properties are the "hottest" on the market? You know, the properties that everybody will want and that will "fly off the shelf" as soon as they get here?
Well, consider looking at homes that are listed "back on the market." These are homes that were previously under contract and for whatever reason the person who was going to buy the home decided not to buy (or was told they were not qualified to buy it).
Back On The Market Listings
The following list of homes are advertised in the Tallahassee MLS as #BOM (meaning back on the market). Homes remain in this status for 7 days (unless they go back under contract with a new buyer). The list is updated every 15 minutes so don't be surprised if one you that you like disappears. If there is one you want to see, you better act fast.
Back On Market Idx
Homes For Sale Back On The Market
You might be surprised at how many homes go under contract and then fail to close. At the depth of the market recovery, more than 50% of all contracts reported to the Tallahassee MLS "crashed," so it was important to know when properties came back onto the market. But now that inventory is so tight, it's even more important to know when great properties are open to offers again.
So where do we look for these listings that are returning to the market? Well, they happen for one of the following reasons:
- Home Inspections - There are times when a buyer has a home inspected where the results are just too unsatisfactory for the buyer to want to continue to closing. Even if the seller is willing to make the corrections, some buyers are just not going to have it. These type of BOM listings are often great opportunities for the "next" buyer, as the seller is more likely to be accommodating towards repairs and replacements.
- Buyer Default – Regardless of the reason, it is not uncommon for a contracted buyer to fail to be able to close. The next buyer in is likely to be dealing with a more motivated seller who has lost critical time to somebody that should never been in a contract with them to begin with.
- Short Sale – The time frames involved in short sales often cause buyers to "give up" and "move on." Because the seller is not able to repay the loan at closing, he needs approval from his lender before the transaction is truly approved by all parties. This extra requirement has been the cause of many crashed sales (meaning many "back on the market" listings).
- Death - Nothing unravels a home sale faster than one party dying. It happens, and it often produces a motivated seller who has lost critical marketing time to somebody who was (unfortunately) unable to close on the purchase.
- Appraisal - Not all homes appraise at the contract amount. This failure to appraise often results in a buyer who is unable to close, as the bank will only loan against the appraisal amount, resulting in the buyer needing more cash to close.
- Other Reasons - Regardless of the reason, serious sellers want to get back into the market as fast as humanly possible. They are typically more motivated than they were in the past, and that means some of the best buys can be found from among the list of homeowners who are listed "back on the market."
I hope today's report covering "back on the market" listings has been valuable. Remember to bookmark the BOM page so you will always have access to the most recent back on the market listings.