what does option pending mean
6,8978 answer(s)
About 10 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!
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!
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DislikeAbout 10 years ago
We get this question a lot. I think I'm going to do a radio segment on this because a lot of consumers want to know about it.
About 10 years ago
Option period is a negotiated time frame that protects the buyers earnest money. This time frame gives the buyer an opportunity to investigate the property he or she is buying. With all the buyer's findings on the property of interest and before the time frame ends the buyer makes decision if they want to continue with purchase of the home or negotiate repairs or pricing once again. If the buyer and seller can't agree with new terms the buyer may terminate the contract without the risk of loosing their earnest money, because he or she was in an OPTION PERIOD.
source:
My experience
My experience
About 10 years ago
The Option Period is during the first few days of a contract. The seller(s) have accepted a contract from the buyer(s). For a small fee the home is placed in an option period, the buyer has the option to walk away from the transaction during the designated period. The option fee is forfeited to the seller if the buyer walks away. Typically the buyer conducts all inspections and negotiates all repairs or compensation for repairs during the Option Period.
About 10 years ago
Option Pending means the buyer has paid a nominal fee for a specific number of days for the right to opt out of the contract for any reason before the end of the time period the fee covers. It is usually during this time period that a purchaser will conduct further investigation into the property such as a property inspection.
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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