PCG, BOM, what?
In the conversation last week, jbf wrote in to correct a mis-assumption:
The "little red note" next to an mls listing is not an indication of a scam! It is an indication that Back Up Offers are be entertained pending some event, such as signing of the P&S, Loan Commitment, Subject to Lender Approval.
Clearly, not everyone gets this. I wrote about the red notes before. Here’s a crib sheet of the symbols you may see:
The little red note and red ACT means that the seller has an accepted Offer to Purchase on the home. That contact is binding unless the buyer wants to make a change (like requesting money back after inspection or needing an extension on the loan commitment date.) Some sellers ask their brokers to continue to market the house until closing, just in case.
PCG means that the price has changed. This can be any change in price; a big reduction, a little one, or even an increase. Whenever a price is changed, the listing pops back to the top of the list for those searching with the newest listings on the top.
Here’s a real example from a current listing:
10/6/2009 Listed for $479,900
10/15/2009 Price Changed to: $478,876
NEW means new to the market, sort of. One caveat: A property can be on the market for a year and not be sold. Then, it can be NEW again after being off the market for a while.
BOM is back on the market. That means a transaction fell through. You can ask the listing broker “why,” but you will get a face-saving answer, not the whole truth. Expect vague answers like “the buyer got cold feet after the home inspection,” or “the buyer and the seller couldn’t agree on the Purchase and Sales Agreement.” Seller’s brokers are required to tell you if there is a material concern that could influence you, as a buyer. An example of this would be if a buyer withdrew after the inspector found signs of undisclosed fire damage.
EXP means that the contract between the broker and the seller has expired.
EXT means that the contract between the broker and the seller has been extended.
RAC means that the contract between the broker and the seller expired, but then the parties renewed it.
CAN means that the contract between the broker and the seller has cancelled by either party. This cancellation must have written consent of both parties.
WDN means the contract between the broker and the seller is still in force, but the house has been withdrawn from the market at this time. This can happen if family members are ill or have a major family event, or need to do a repair. If a property can’t be shown for a couple of days, you won’t see this. But it there is a week or two, you should.
I know there is not much to discuss here. But I hope these notes help you understand what you are reading. Do you have questions about these?
