“Option Pending” means there has been accepted offer on a home and it is under contract in its “option period”. The option period is a time a buyer will conduct inspections and can change their minds about the home purchase without forfeiting their earnest money.
Pending means they are out of the Option Period to back out of the Contract due to repairs. It means if there where any problems the seller and the buyer have work thru them and Pending is the last stage before they close. I hope this helps. Option Pending means that the transaction is still within the Option Period.
Secondly, can you still buy a house that is pending? The answer in most cases is no, but real estate transactions sometimes offer buyers another opportunity. Sale Pending – The home has an active purchase and sale contract that has been agreed upon by the buyer and seller. Normally these contracts do not allow a second buyer to “bump” the first buyer.
Similarly, what does it mean when a house is under contract option pending?
It means a buyer has submitted an offer that has been accepted by the Seller. The Buyer is now in the “option period”. Meaning the Buyer still has the option of backing out of the purchase. If they decide not to back out by the end of the option period the contract would be pending.
What does C continue show mean?
Active Continue to Show: If a listing says “Active Continue to Show“, it means the Seller has accepted an offer on their property. It also says that the Seller will continue to show it for backup offers. Most agents keep a listing in this status until the Buyer has removed most of their contingencies (ie.
What is pending continue to show?
Pending means that the seller does not want to show the property to any other buyers at all. Pending continue to show means that the seller is moving forward with the current buyer in good faith. However, the property will continue to show through the listing agent.
What does it mean house pending?
A pending sale status means the seller has accepted an offer from a hopeful buyer, but the deal hasn’t closed yet. (This is different from a contingent sale.) A property is placed in pending status the minute a contract is executed.
Can we put an offer on a house that is pending?
If a house is “pending,” that means there’s an active purchase agreement on the house. In most cases, a realtor can still show you the house and you can make a backup offer if you so choose. However, your offer cannot be accepted unless the first offer falls through.
Can a realtor show a house that is pending?
A real estate agent is not only allowed to continue showing a home that’s already under contract, he’s encouraged to do so in the best interest of his client. Likewise, homebuyers are also encouraged to view homes that are under contract, or pending, as the status is often referred to on multiple-listing services.
Can a buyer back out after option period?
There are several reasons buyers can still back out of a contract AFTER the option period and be entitled to their entire earnest money back. The answer lies within your contract that you have with the other party. If there was an Option Period, and it expired without extension, then there is no more Option Period.
What does Option Period mean in real estate?
In a nutshell: For a real estate transactions conducted in Texas, buyers are given what’s called an Option Period. This is a specified number of days (typically 7-10) during which the buyer can terminate the deal for any reason without risking the loss of their Earnest Money Deposit.
What does under contract show mean?
Under Contract Definition When a home is under contract it means that a buyer has made an offer on the home and the seller has accepted but the sale is not yet final. When the transaction is complete, the status of the home will show that the home has sold.
What is the difference between a house pending and under contract?
The said property is under contract (written agreement to purchase). Pending or Under Contract essentially means the buyer and seller have come to an agreement on price and terms and have reduced this agreement to writing in the form of a real estate purchase contract.
What does it mean when a property is active under contract?
“Active Under Contract” is a real estate term that indicates the status of real property (single family home, condo, townhome, etc.) that has been put up for sale wherein a seller has accepted an offer from a buyer, but the deal has not yet closed. After closing, the status changes to Sold.
What does pending under contract mean?
Under Contract-Pending means the property has a contract on it and they are no longer allowing showings and the option period is over, but they have not finalized the deal completely and made it to the closing table yet.
Can a pending sale fall through?
A sale is considered to be pending from the time a seller accepts a buyer’s offer until the sale is closed. Some real estate agents will also refer to a pending sale as “under contract.”
Why are houses pending for so long?
A: Pending means that there is an offer on the property and the seller has accepted the offer. But there are several items that must be met before the transaction can close. There could also be repairs that need to be made before the buyer or their lender will allow that transaction to close.
Can seller back out of signed offer?
Just like buyers, sellers can get cold feet. But unlike buyers, sellers can’t back out and forfeit their earnest deposit money (usually 1-3 percent of the offer price). If you decide to cancel a deal when the home is already under contract, you can be either legally forced to close anyway or sued for financial damages.
How often do house sales fall through?
A whopping 36 per cent of house sales fall through each year according to research – that’s around 300,000 failed transactions.