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Pasadena Buyers - If A “BOM” Comes Along, Will You Be Ready?

By Michael Jacobs

Industry Observer CalDRE #01165532

July 29, 2013 05:01 PM

Pasadena Buyers - If A “BOM” Comes Along, Will You Be Ready?

When A BOM Hits Will You Be Ready? Our current Pasadena real estate market is quite active. Multiple offers, sales over list price. Even in this extreme sellers’ market, we see properties “fall out” of escrow. Back on Market. BOM

So if you find out a home is back on the market -- BOM - the technical real estate-speak in our area - Will you be ready? Will you be able to make a decision quickly? Step up to the proverbial plate and make that decision to step in as the new buyer and eventual homeowner.

There may be others competing with you - or not.

The reasons can and do vary by a property may fall out of escrow. Inspections issues. Lender or appraisal concerns. Talking with too many relatives or co-workers. Just plain old buyers’ remorse.

In some cases, you may be in a back-up position to step in to the buyer’s position. Will you hmmm, haaaww and act reluctant? Or will you confidently? Will you be ready when you know about the BOM?

Of course, you will complete your due diligence. You will hire an inspector, maybe call contractors for follow-up. You will have your apprasial. You will read and acknowledge the disclosures, the preliminary title report and other documents. Hey, the previous buyer may have had an inspection as well which will you will have access.

Second chances do come along - will you be ready?

I’ve experienced second chances in my career selling Pasadena real estate(and throughout the San Gabriel Valley). My advice is if you are a buyer, this is not a time to “think about it” -- you will need to react decivisley. If you would like more information about second chances and Pasadena real estate, contact me at 818.516.4393 cell or michaeljacobs@coldwellbanker.com.

Pasadena Buyers - If A “BOM” Comes Along, Will You Be Ready?

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Sharon Lee

Sharon Lee's Virtual Assistance - Jonesborough, TN

Retired and loving life

Morning Michael-If the person that put in an offer where someone else got it and they themselves haven't found another house they like then it would be foolish to wait or hem and haw. Seize the opportunity.

Jul 29, 2013 09:05 PM

Roger D. Mucci

Shaken...with a Twist 216.633.2092 - Euclid, OH

Lets shake things up at your home today!

IMO, if you are actively looking at properties, you should be ready at all times to make an offer.

Jul 29, 2013 09:14 PM

Sharon Tara

Sharon Tara Transformations - Portsmouth, NH

Retired New Hampshire Home Stager

I agree with Roger...you need to be able to act fast and being prepared is crucial!

Jul 29, 2013 10:19 PM

Michelle Gibson

Hansen Real Estate Group Inc. - Wellington, FL

REALTOR

Michael - I have sold a few homes recently that came back onto the market, buyers and their agents must be ready.

Jul 29, 2013 11:24 PM

Amanda S. Davidson

Amanda Davidson Real Estate Group Brokered By Real - Alexandria, VA

Alexandria Virginia Homes For Sale

Hi Michael, great advice that buyers need to be ready to act on a property that's BOM. Be prepared and in a position to make a strong offer. Suggested.

Jul 29, 2013 11:29 PM

Will Hamm

Hamm Homes - Aurora, CO

"Where There's a Will, There's a Way!"

Good Morning Michael, sitting on the fence and watching the paint dry is not the way for people to go. People need to be ready now the way the market is.

Jul 30, 2013 12:07 AM

Ron and Alexandra Seigel

Napa Consultants - Carpinteria, CA

Luxury Real Estate Branding, Marketing & Strategy

Michael,

Good post making buyers aware that they should be ready, willing and able. I love the acronym also. A

Jul 30, 2013 03:50 AM

Jeffrey DiMuria 321.223.6253 Waves Realty

Waves Realty - Melbourne, FL

Florida Space Coast Homes

Michael...this post is the BOM(B).

I always try to keep an eye out for bom's and also try and find out why...not always a good reason.

Jul 30, 2013 03:52 AM

Dick Greenberg

New Paradigm Partners LLC - Fort Collins, CO

Northern Colorado Residential Real Estate

Hi Michael - Great advive for those who have a second shot at grabbing the golden ring. Most of our market pressure is in the under $300k range, and if something comes back on the market, it goes quickly indeed. But we're seeing fewer BOM's since the alternatives for any buyer are limited and they know they were lucky to get under contract to begin with.

Jul 30, 2013 04:47 AM

Morgan Evans

Douglas Elliman Real Estate - Manhattan, NY

LICENSED REAL ESTATE SALESPERSON

Back on the Market is always an interesting process, buyers always want to know why it came back available. Often the seller wants to get it back into contract so moving quickly as the next buyer is highly recommended.

Jul 30, 2013 04:50 AM

Endre Barath, Jr.

Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA

Realtor - Los Angeles Home Sales 310.486.1002

Michael, I love BOM's the sellers are now more motivated and received a bit of a reality check, plus the disclosures are there now for the second buyer to review, hence the offer will be more favorable and palatable to both parties.

Jul 30, 2013 06:28 AM

Beth Atalay

Cam Realty and Property Management - Clermont, FL

Cam Realty of Clermont FL

Hello Michael, to find out about BOM's, buyers need a great Realtor who's always on top of his game. Though may be rare, buyers may get a second chance and jump!

Jul 30, 2013 11:52 AM

Debbie Reynolds, C21 Platinum Properties

Platinum Properties- (931)771-9070 - Clarksville, TN

The Dedicated Clarksville TN Realtor-(931)320-6730

When houses go pending and my buyer really wanted that house, I stay tuned, in touch to see if there is any chance for another opportunity. Sometimes there is. Good post.

Jul 30, 2013 11:54 AM

Michael Jacobs

Pasadena, CA

Pasadena And Southern California 818.516.4393

Sharon - Roger - Sharon - Michelle - Amanda - Will - Alexandra & Ron - Jeffrey - Dick - Morgan - Endre - Beth - Debbie

I'm not sure if it's the frenzy of our market or other issues but there are properties that "through no fault of the home" fall out of escrow and become "Back on the Market". Most buyers, naturally, will ask what happened with the the first(or second) offer and then proceed as they normally would. I've represented buyers who have successfully stepped in and are now homeowners because they were prepared to respond and act when called upon.

Thanks very much for stopping by and commenting. Your support is appreciated.

Jul 30, 2013 03:31 PM

Gita Bantwal

RE/MAX Centre Realtors - Warwick, PA

REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

When I receive calls for a listing that is pending I tell the agnet that I will call them if it comes back on the markett.

Jul 30, 2013 09:08 PM

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