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 had 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.
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