Sale pending is typically the same thing as in-contract on many public facing real estate search websites such as Zillow as we’ve discussed in the previous section.
However, keep in mind that “under contract” is a rather ambiguous term and can be construed to mean either “in-contract” or that a contract has been sent out and is being negotiated, but hasn’t been signed yet.
If “under contract” is understood to mean “in-contract,” then “under contract” is equivalent to “sale pending” on most public search websites.
However, if the term under contract is construed to mean simply that a contract has been issued but not signed yet, then the term under contract is very different vs sale pending. In this case, under contract is more similar to an accepted offer vs sale pending, which typically means a listing is in-contract already.
1 thought on “What Does BOM Mean in Real Estate?”
It actually has nothing to try to to with “Bank Owned.” within the cut-off, use every available letter within the description allowed world of land listings, BOM is shorthand for “Back On Market.” It means someone was trying to sell their home, got a suggestion thereon and accepted it, and for whatever reason the one that was getting to buy the house backed out. Why would someone disclose BOM when it could mean that the inspection found something nasty? By their very nature, BOM homes have high DOM (Days On Market). the times in escrow still count against the CDOM.