Monday, April 22, 2019 / by Jody Lee
Back on market or Back up offer, right now in this hot sellers’ market we are seeing a high rate of BOM (back on market) usually because a buyer panics and puts in an offer that they are not comfortable with or trying to get a home they really don’t want. Most homes are having multiple offers, buyers are scrambling to get their offer accepted even if it isn’t there dream home.
Back on Market, A bad move for any new listing is to go from Active to Contingent and then suddenly the listing is BOM. It's three words no agent wants to see attached to a listing: back on market.
What was once new can instantly morph into old before a buyer's very eyes. Unfortunately, many buyers, and agents as well, often assume about why a home is back on the market. They immediately decide it's because there was something wrong with the property discovered during the home inspection. Most agents will call for their buyers to see why the property is BOM and get their buyers in to see the house but unfortunately Back on market can carry a stigma.
When receiving multiple offers……get Backup offers. This is great for sellers when after accepting their first offer, they have at least one more buyer accepted into 2nd position.
If for any reason the first buyer backs out, or can't purchase the home, the 2nd buyer then moves into the first position. The home never goes back on market and stays under contract. You may even have more than one backup offer in place. What a great position for the seller to be in, and the buyers too!
Your listing agent is there to work for you as the seller, they will help you negotiate and hopefully get those backup offers on your house and avoid going BACK ON MARKET!