BOMK

What is BOMK you may be asking...  this is the Fairfield County MLS abbreviation for "Back on Market".  That's when a listing, for one reason or another, looks like it is sailing (pun intended) through the process to the closing table when all of a sudden, it shows up on the MLS as BOMK!  The deal unwinds and the house is for sale once again.

BOMK can (unfairly) have some stigma attached to it.  "Gee, what's the problem with that house", "must be bad".  NOT SO!  There's all kinds of reasons for a sale transaction to unravel prior to closing.  Sure, it could be termites in the basement but more likely it has to do something else.  Like a buyer has difficulty getting a mortgage (we'll talk more about that in a future post).  Or maybe they couldn't get approval for a planned improvement on the property.  Or it might be that the parties could not agree on the terms of the contract.  It could be anything.

We see the BOMK with some frequency in Ridgefield.  It's not at all unusual for homes to go back on the market.  It's not bad by any means, it's just a matter of course.

So, now you see that BOMK doesn't mean "there's something wrong with that house".  It just means that for whatever reason, after negotiating the price, the buyer and seller could not agree on some other aspect of the deal and they decide to part ways.  No big deal.  The home is now available for the next buyer to enjoy.

-- Rob --

Brad and I are the Ridgefield Experts.  Don't hesitate to contact us for any reason.  Answers and advice are always free.  We'd love to hear from you!