In real estate, “BOM” stands for “Back on Market.” This term is used to indicate that a property that was previously under contract is now available again for sale. When a property goes under contract, it means that the seller has accepted an offer from a buyer, and the property is no longer available for sale.
However, there are several reasons why a property may go back on the market. For example, the buyer may have backed out of the deal for various reasons, such as financing falling through or an issue discovered during inspection. Alternatively, the seller may have terminated the contract for reasons such as the buyer not meeting their contractual obligations or failing to close on time.
When a property goes back on the market, it is typically listed as “BOM” in the Multiple Listing Service (MLS), which is the database that real estate agents use to find properties for their clients. This alerts other agents and potential buyers that the property is again available for sale.
If you are a buyer interested in a property listed as “BOM,” it is important to find out why the property went back on the market. There may be issues with the property or the transaction that led to the previous deal falling through, and it is important to understand these issues before making an offer.
In conclusion, “BOM” in real estate stands for “Back on Market” and indicates that a previously under contract property is now available for sale again. As a buyer, it is important to investigate why a property returned on the market before making an offer. Understanding the reason can help you make an informed decision and avoid potential issues.