The "Back on Market" Listing . . . Does it Matter?!?
I love those back on the market listings. They have at least started on the process of being sold- the owners may be already packed to go or gone and the mindset is of one of "moving on".
The "Back on Market" Listing . . . Does it Matter?!?
In my local MLS, we have a BOM status for properties that have had an offer, and for some reason are "Back On Market." Not sure how this is acronymed in your area, but I'm sure you've got something similar.
When a property is BOM, there's a few possible reasons:
- Buyer didn't want to proceed (was inflicted with a dreaded case of "Buyer's Remorse" -- which is, fortunately, not contagious!)
- The home didn't pass inspection-- which isn't entirely accurate. "Passing inspection" is quite subjective. Last time I checked there is no "pass or fail" to a home inspection. Maybe the home had issues which created Buyers second-quessing, and gave them a bout of Buyer's Remorse.
- Sellers didn't want to negotiate repairs -- this is rare, but happens. If the home is "as is" I advice my clients not to expect much . . . we can try. The "as is" in the listing sheet is NOT negotiation. But if the "AS IS -- Seller to do no repairs" is stated, it may be indicative of what they will do when they receive the Repair Addendum.
- Buyer couldn't obtain financing -- this happens.
Toss into the mix, those foreclosures that have hidden problemos, or short sales where there is no wiggle room to negotiate repairs . . . buyers walk. House status is now BOM.
BUT . . . I don't shy away from showing properties that are BOM. Here's why . . . after the Seller has had the HIGH of an accepted offer, only to find it fell out (sale fail), Sellers may be more driven with the next solid offer. They may be more driven to negotiate sales price, or negotiable items. They just had the HIGH of having it under contract. They want to feel that HIGH again!
I've seen comments in the agent remark section: "Home had no issues. Buyer financing did." A clear tag to their BOM status.
Again, Sellers have just gone through the HIGH of an accepted offer . . . now it's BOM . . . the LOW.
SHOW THAT PUPPY!
-----------------------------------------------------------
~ Representing Buyers Since 1999 ~
Carla Muss-Jacobs, ABR, CEBA, e-PRO, Realtor®
Principal Broker/Owner ~ EBAPortland, LLC
YOUR Exclusive Buyer's Agent1722 NW Raleigh St., Suite 116 Portland, OR 97209
(503) 810-7192 / Carla@CarlaHomes.com
CHECK OUT www.EBAPortland.com for Home Buyer TIPS!
All rights reserved ©
var addthis_pub = 'klordbock';
var gaJsHost = (("https:" == document.location.protocol) ? "https://ssl." : "http://www.");
document.write(unescape("%3Cscript src='" + gaJsHost + "google-analytics.com/ga.js' type='text/javascript'%3E%3C/script%3E"));
try {
var pageTracker = _gat._getTracker("UA-11076157-1");
pageTracker._trackPageview();
} catch(err) {}
Comments (1)Subscribe to CommentsComment