The Hidden Meaning Behind a Real Estate Listing That Is Back on the Market
Hauseit
2019-05-28
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What Does BOM Mean in Real Estate: https://www.hauseit.com/what-does-bom-mean-in-real-estate/
Reduce Your Buyer Closing Costs in NYC: https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/
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.
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!
Calculate Your Buyer Closing Costs: https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/
#hauseit #hauseitnyc
Reduce Your Buyer Closing Costs in NYC: https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/
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.
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!
Calculate Your Buyer Closing Costs: https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/
#hauseit #hauseitnyc
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