Your Daily Santa Clarita real estate update is above.
When it comes to viewing real estate – it may be that you are searching on line – you see that perfect home somewhere posted for sale, then it’s gone.
What happened? Most likely the home was for sale and maybe was placed on “hold do not show”. It could be that some buyer stepped up quickly and had an offer written where the seller accepted it quickly. It depends on the market.
However, when you are continuing to watch specific listings – sometimes “they come back” 🙂
When they do, what does that mean?
We call it being released from being on “hold do not show status”. We also call it “Bom’d” or back on market.
A property being Held is typically as a result of the agent not wanting it to be shown any longer. Maybe there are way too many offers that the agent has to present and they need a reprieve. It also maybe a case where that agent and the seller have had a falling out. While they are working on getting their “issues” worked out, the property is placed into the “hold do not show” status.
When a property BOM’s – it usually means that the buyer changed their mind. Maybe they found out something “bad” about the home. Maybe they lost their ability to finance the home. Or maybe they are not performing. Maybe the listing agent is asking the buyers agent to have their buyers pre qualify with the sellers lender. Maybe the buyers are refusing. It could be that the buyers are not communicating with their real estate agent and the sellers agent is getting worried.
At that time they put the property back on the market or BOM it. When they do, in the “confidential” remarks section within the Multiple Listing Service(in a place you don’t see), they say “Subject to Cancellation of Previous Escrow…”
So, is this home really for sale again – 100% so if you wanted it you could view, write an offer and potentially have your offer accepted? No – it is not. There are some obligations still having to be performed on the Buyers Side.
Without the “cancellation” documents from the buyer, a legal issue is created and will require parties to attorney up.
Sometimes turning a property from being in escrow to being active on the market for sale is a tactic for a realtor to generate more leads. It is also used to get a buyer to perform – like of like a threat or bluff.
Contact your real estate agent, make sure they are running interference for you and giving you the best advise possible.
Much appreciated and Let us know what you thought of our write up and when we can help you.