BOM – Stands for Back on Market. It means that escrow, the escrow the property was involved in, stopped for some reason. What are some of the reasons a property might BOM?
- Death (I thought I would start with the biggest issues first – this one is hard to fix)
- Non-Performance – it could be because of the buyer wanting something fixed and the seller denying them. It could also be a visa-versa type of situation – the Seller might want the buyer to do something, and the buyer might be refusing.
- Appraisal – It could be that the property does not appraise for the amount it is being sold at.
- Short Sale – the bank might not approve the short sale after looking at the sellers financials. It might be that the Short Sale Buyers might have moved along and did not inform the Short Seller or their Real estate agent.
- Home Inspection – Maybe the home inspector discovered something that the buyer could not live with – Buyer is well within their rights to cancel the escrow while in the inspection period.
- Many other reasons.