BOM Back on Market Subject to Cancellation of Previous Escrow

    When you yell “BOM” in an airport, it is illegal and you will get arrested.

    Of course the spelling is off – but the pronunciation is the same – “BOM”, it stands for Back on Market.

    In a nutshell – that means there was a home, condo or townhome that had a fully accepted and executed offer on it and escrow was officially started.

    That particular home, condo or townhome then fell out of escrow – the escrow was cancelled by one of the parties, having the “agreement” of all parties to the transaction.  Sometimes the agent who BOM’s the property does not have all of what is needed to Totally Cancel the transaction.

    Maybe they have a real estate buyer, on the other side of the transaction, who is not giving the seller what they need via their agent . Maybe they have “gone dark” when one of the parties was asking for necessary items to continue the progression of escrow.

    This happens way too often. In the current market there is a.25% to .35% likelihood that a home, which is in escrow, will fall out of escrow and enter the for sale market again.

    Sometimes, when that property is turned active by the Sellers agent, it’s done to motivate the real estate buyer or their agent on the other side of the transaction.  And having said that, sometimes it works. The buyer sees that the seller is serious, as is their agent, and they start performing and executing what needs to happen to continue escrow.

    On the other side of the scenario, it could be the buyer’s agent and or the buyer does not have the intestinal fortitude to pick up the phone or write a formal email about their intention of cancelling escrow.

    Maybe the buyer has been conned into believing if they cancel escrow, the seller is going to keep their deposit, when that is not the truth.

    Or – Maybe the transaction has gotten past the “removal of contingencies” date and the buyer’s agent BOM Santa Clarita real estate listings back on markethad them execute the “Total Removal of Contingencies” form – which means they lose their deposit if they cancel escrow.

    Maybe the buyer feels as if their real estate agent is not serving their best interest and stops communicating with their agent.

    We have had other agent’s clients “uncomfortably for us”, contact us because their agent was “unavailable” or they thought they were being scammed by them. Proper protocol is to explain to the other agent’s client that they need to speak with their agent.

    If they have exhausted all attempts – if they are at odds with their Realtor – if they have just put their foot down and aren’t going to deal with their agent again – then it maybe time for an intervention by someone with more “horsepower” who is not “directly involved” with the transaction, i.e. “home purchase”, in question.

    In the Santa Clarita Valley, within our Board of Realtors and the Multiple Listing Service, when the properties fall out of escrow, the switch is thrown and they show immediately on our systems where we have our clients searching for real estate.

    Note: SCVnest & SCV661 and our other real estate systems and Multiple Listing Services are not “entertainment” sites. They are connected directly to the Multiple Listing Service – The MLS.

    One of the issues is this is not explained to real estate clients by the agents who have them. Without the explanation, it could appear that the “buyer’s agent” does not want to show the home that just “BOM’d”.

    Maybe they think the agent they chose is too busy! Maybe they think the real estate agent they choose is too lazy! Who knows what they are thinking – but I have found the best approach is to educate our clients – about every single part of the real estate process so they are not having to “ask the question”, at least as much as we are able.

    Welcome to SCV661.com and our over 10,000 real estate articles which answer real estate questions in the Santa Clarita Valley.

    When you are ready for my Real estate consultation and representation services – I’m here for you. Call me, email me or let me know!

    Paris and Connor MacIvor

    Connor and Paris MacIvor are in the Top 1% of Realtors Nationwide, starting their real estate business in 1998 with RE/MAX Gateway - Santa Clarita Valley and Valencia CA. Their becoming licensed real estate consultants and representatives came from the horrible experience they had when they bought their first home. There were many things that the agent they had hired did not explain and disclose, which per law he should have. Getting that agent on the phone after they closed escrow and after he had gotten paid was impossible. Paris and Connor called the broker, the board of realtors, the office manager and all they received was the promise of a phone call back. The remedy did come, but not as fast and in the way they wanted. That act - that bad agent was the reason why Paris and Connor became Realtors. That was all they needed to vow to never let the same fate befall anyone else, that befell them. Today Connor and Paris are focused on client service. Protection and top-shelf service with regard to their real estate clientele. They primarily work within the Santa Clarita Valley and Valencia CA. However, for a referral, where 80+ of their business is referrals they have License and Will Travel to other parts of Ventura County, Los Angeles County, and Orange County to handle real estate transactions for those who trust their real estate operation. Writing on their Real Estate Blog is a passion. SCVnest.com/blog is where you will find over 10,000 real estate articles. Go to SCVnest.com/radio to listen to their latest real estate radio broadcast.
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