We have a status in our multiple listing service called “Back On The Market” or BOMK. It indicates that a property was in “Pending” status but no longer is. In other words, the sale transaction to the previous buyer is no longer viable for some reason and the property is back on the market. Sometimes the reason is mentioned in the mls but not always.
Why would a property be “BOMK”? We often see a notation in the mls that a property is Bank … (9 comments)
contract: WHAT DO YOU DO WHEN THE REVIEW APPRAISAL IS A PROBLEM?
- 02/16/10 02:55 PM
What are you doing if your client has released the loan contingency based upon a satisfactory appraisal only to have the lender's appraisal review department reduce the appraisal making the loan amount insufficient to enable the purchase of the property. Seller will not agree to lower the agreed upon purchase price to meet the appraisal. Buyer cannot afford to bridge the gap. Seller claims buyers deposit alleging that the buyer has defaulted. … (5 comments)
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