a house im interested in just changed to option pending. is there anything i can do? or, is it basically game over?

Its not game over . . . yet. You can still submit a backup offer just in case the transaction does not close.

The game is not over. The contract between current buyer and seller obviously has an option period. The option period allows the buyer to have inspections and perform other due diligence on the Property. The buyer can terminate for any reason during that time. The option period number of days/ date it is over is actually on the mls print out for agents. However, there may be other contingencies in the contract- i.e. financing.
The best thing to do is to have your agent call the agent and find out as much information as she/he is willing to give out ( for instance is it a cash deal?) and verify when the option period will be over and the financing contingency. Finally, I would not do a back up contract. The most likely time the contract will fall through is during the option period and Buyers terminate sometimes because the buyer is asking for repairs and seller is not willing to do repairs or credit the buyer an amount the buyer wants for the repairs. However, with a back up contract the seller will use the back-up contract in negotiating the repairs telling buyer that if they don't want the house he will just sell it to the back-up. At that point usually the current buyer gives in to the seller.

It is always hard to think you found your dream home only to find out that someone else has beat you to it. In the current market we are in, this is happening more and more.

I spent 9 years in the mortgage industry prior to joining real estate. I have seen contracts fall apart the day of closing many times. Although this is a rare occurence, it's not over until the papers are signed and the funds are exchanged.

Good luck!

Option Pending means the seller has entered into a contract. However, there is a possibility that the buyer may opt out and terminate the deal for any reason.
If you are really interested in this property then why not submit your offer as the "Back Up Offer". As the "Back Up Offer" you would become the buyer should the first buyer exercise his opt out clause. A Back Up Offer puts you first in line to acquire this home.

If you are interested in being the Back Up Offer your Buyer's Agent can explain this process and how it is negotiated with you. If you have not selected a Realtor to represent you, it is in your best interest to select a Realtor. A Buyer's Agent will ensure you will not miss out on the best home for you and your family.

Hi Samantha,

The other agents are correct. Option pending means that the seller has accepted a contract and the buyer is exercising their option period in which they will be doing their due diligence on the property. The option period gives the buyer the unrestricted right to terminate during the negotiated number of days without being in default and risking the earnest money they put up.

To answer your question, it doesn't necessarily mean that this home is sold. Nothing is done until the closing papers are signed. :)

If you'd like, I'd be happy to pull the property and let you know if there are any special agent remarks as well as you up on notification if the property does become available again - no obligation!

Darby Grimmett
936-827-9217
darby@darbygrimmett

Option Period gives the buyer the right to inspect the property. During option period (usually 7-10 days) the buyer has the right to terminate the contract for any reason.

If you are not working with a Realtor already, I sincerely recommend working with one that can help you throughout the process and show you the houses that you would like to see and guide you through the purchasing and the negotiation process. The best part is that the cost of all the professional help and guidance from your Realtor does not cost you anything. I would be more than happy to answer all your questions. Just let me know.

Good luck!

Robert Kandiyoti
RE/MAX Real Estate Associates
robertk@remax.net
c. 713-534-3018

Option pending doesn't mean that its the end of the game. Option pending is usually 7 - 10 days period where buyer can get the house inspection done and whatever things needed to be taken care of is negotiated between the buyer and seller, whether the seller gets it fixed or agree to monitory value. This option period gives the buyer the option to walk away from the contract without losing the earnest money and no question asked. the only thing the buyer loses is the option fee and the inspection money.

Most of the time when the home is in option period, the seller's agent will put it in the remarks as continue to show.

I hope this explanation would have been some help to you. for further assistance you can contact me at 832-526-2248 or email me at shenni.soofi@gmail.com