Option Pending vs Pending continue to show

By Duy Vo   
Posted on Apr 29,2013 in Topic: General
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What is the differences between option pending vs pending continue to show?
What is the pros and what is the cros?
Status: Open
Viewed: 54911
Asked by: Consumer
Posted: 3 years ago
Topic: General
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When you enter into a contract with a buyer / seller the agents put the property into option pending for 10 days so the buyer can get inspections done. After the 10 day has passed it goes into PS pending continue to show.
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about 3 years ago
When the contract provides an opt out period the status is OP, indicating that the buyer could change his mind and opt out. Once that period passes there may still be some contingencies to satisfy and the status is PS, pending continue to show, indicating that back up offers are welcome due to the possibility of the first contract terminating as a result of a legitimate contingency. Once all the contingencies have passed and closing is assured the status will be P, pending.

Hope this helps clear up understanding of the various statuses.

about 3 years ago
OP-Option Pending means the contract is in an option period and the buyer has the unrestricted right to terminate. This is usually 7-14 days. The seller has no right to terminate the contract during this period...only the buyer.

PS-Pending Continue to Show means it is under contract but the seller is still allowing showings for back-up. It does not mean that the contract is any less solid than a property listed as 'Pending'.

P-Pending is under contract but not encouraging back-up showings. Usually the choice of 'P' over 'PS' has more to do with the listing agent's SOP than with the property itself. Many foreclosure agents simply mark the property as 'P' when it's under contract.

All are under contract and could only accept a back-up offer. I hope that helps!

about 3 years ago
Von Carr
I plan to pay cash for my home, and I would like to know after the home inspector finish checking the home how soon can I close the deal.

about 3 years ago

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