Have you ever wondered what BOM means? In Real Estate transactions, this means that a home is "Back on the Market". But what does this really mean for all the parties involved?
Set aside the fact that the status in MLS has changed from Pending to BOM. To the Buyer it means they will not be moving into that beautiful home that once held every dream they had. To the Seller it means that the lovely staging is gone, boxes are everywhere, furniture has been sold and now their Realtor comes to them and says "we have to do it all over again". Oh! the disappointment that begins to fill the rooms where people- real people - had anxiously anticipated either moving in or moving out slowly takes over all the parties who had been directly involved in pushing with all their heart to make the transaction work. Oh, what disappointment for the Realtor, the Lender, the Title Company, and the dollars shelled out by both parties for appraisals, inspections, repairs, and scheduled movers.
BOM is devastating! Ask me, for today I face one such situation. It feels like a helium balloon has just been cut loose as we all watch it fly away.
Dreams fade but ultimately we have to realize that in most cases, it is through no fault of anyone. Not one person sets out to intentionally "not close" on a home. Sympathize, support and help those whose homes are BOM and those buyers who have just lost their dreams. Figure out what went wrong and be pro-active in prevention for all future transactions!
The wonderful news is that new dreams arrive every day and there will ultimately be a closing for both parties! The word we want to see in MLS is "SOLD"!