BOV stands for "best offer value" or sometimes "best offer valued," but in real estate practice, it most commonly refers to situations where a property is listed without a specific asking price or with language inviting competitive offers. However, the term is not standardized across the industry, and its exact meaning can vary by region and context.
When a property is listed as BOV, sellers typically invite buyers to submit their best financial offers, which may include not just the purchase price but also favorable terms like closing timeline, contingencies, or down payment amounts. This approach is sometimes used when a property is unique, in high demand, or when the seller wants maximum flexibility in evaluating offers.
BOV should not be confused with similar real estate terms like "best price" or auction-style listings. It's less common than traditional fixed-price listings and is primarily used in competitive markets or for distinctive properties where the seller believes competitive bidding will yield the best outcome.
Buyers encountering a BOV listing should be prepared to research comparable sales, get a professional appraisal, and consult with their real estate agent to determine an appropriate offer. Sellers using BOV listings should understand that this approach may attract multiple offers but could also create uncertainty about the final sale price. The term's informality means you should always clarify the specific requirements and process with the listing agent before making an offer.