The P means a property is now in pending status.The home is no longer actively marketed, but the sale is not final until closing.Reasons for a Pending Status:1.Inspection and Option Periods The buyer is conducting inspections or negotiating repairs.2.Financing Approval The lender is processing the loan.3.Appraisal The propertys value is being confirmed.4.Contingencies Other conditions in the contract (like selling another home) are being satisfied.Pending typically no more showings are allow...

The P means a property is now in pending status.The home is no longer actively marketed, but the sale is not final until closing.Reasons for a Pending Status:1.Inspection and Option Periods The buyer is conducting inspections or negotiating repairs.2.Financing Approval The lender is processing the loan.3.Appraisal The propertys value is being confirmed.4.Contingencies Other conditions in the contract (like selling another home) are being satisfied.Pending typically no more showings are allowed.When Will It Change?Once all terms are met, the property will move to Closed or Sold status upon finalizing the transaction. If the contract falls through, it may return to Active status.

When a property is listed as pending or under contract, it means the seller has accepted an offer from a buyer, and the two parties have entered into a legally binding agreement. However, the sale is not final yet, as certain contingencies still need to be met. These contingencies can include a home inspection, securing financing, an appraisal, or other conditions such as the buyer needing to sell their current home. On the other hand, when a property is marked as pending, it indicates that all ...

When a property is listed as pending or under contract, it means the seller has accepted an offer from a buyer, and the two parties have entered into a legally binding agreement. However, the sale is not final yet, as certain contingencies still need to be met. These contingencies can include a home inspection, securing financing, an appraisal, or other conditions such as the buyer needing to sell their current home. On the other hand, when a property is marked as pending, it indicates that all contingencies have been satisfied, and the transaction is moving toward closing. At this stage, the sale is nearly complete, and the focus is on finalizing paperwork and securing funds. While properties in both statuses are typically off the market, those under contract may still accept backup offers in case the deal falls through. Understanding these terms can help you navigate the home-buying process with clarity.

Great question! An original sales contract offer typically starts with an "option period" for inspections to take place by the buyer. Once these have taken place and any repair negotiations have been settled, and both parties are in agreeance, the contract can move forward to the "Pending" stage. During this phase, the appraisal is ordered and both parties get closer to the finish line. However, if this is a home you liked, keep a keen eye or have your Realtor reach out to the listing agent for ...

Great question! An original sales contract offer typically starts with an "option period" for inspections to take place by the buyer. Once these have taken place and any repair negotiations have been settled, and both parties are in agreeance, the contract can move forward to the "Pending" stage. During this phase, the appraisal is ordered and both parties get closer to the finish line. However, if this is a home you liked, keep a keen eye or have your Realtor reach out to the listing agent for any potential updates. If the buyer loses their buying abillity or the appraisal causes any issues, the home could potentially go back on the market. Best Regards!

Hi there! Great question! On the MLS, "P" stands for "Pending," which means an offer on the property has been accepted, but the sale hasn't yet been finalized. The transaction is in process, often with contingencies like inspections or financing, before it reaches "Sold" status.Typically, buyers are not allowed to view the home in pending status. If the home is PS status (see below), they can.Here's a quick overview of other common MLS statuses:A (Active): The property is available, and no acce...

Hi there! Great question! On the MLS, "P" stands for "Pending," which means an offer on the property has been accepted, but the sale hasn't yet been finalized. The transaction is in process, often with contingencies like inspections or financing, before it reaches "Sold" status.Typically, buyers are not allowed to view the home in pending status. If the home is PS status (see below), they can.Here's a quick overview of other common MLS statuses:A (Active): The property is available, and no accepted offers are currently in place. Its open to viewings and new offers.OP (Option Pending): The seller has accepted an offer, but the buyer is in the option period, which is a set number of days during which they can cancel the contract (often for inspection purposes).PS (Pending Continue to Show): A contract is in place, but the seller may still show the property and accept backup offers in case the primary offer falls through.S (Sold): The property transaction has been completed, and its no longer available on the market.W (Withdrawn): The property is removed from the market temporarily, but its still listed on the MLS. It may be reactivated later.T (Temporarily Off Market): Similar to Withdrawn but indicates a temporary pause, often for renovations or other issues that make the property unavailable for showings.X (Expired): The listing has expired, often because it didnt sell within the agreed listing period with the agent.C (Cancelled): The listing has been removed from the market and won't be relisted in the near term by the current agent.These statuses help buyers and agents track where a property is in the transaction process. Let me know if you have any more questionsI'd be happy to help!

Hi Jazlen, There are 2 pending statuses - OP status and a P status. OP means the current buyer has an option on that home to purchase providing they complete their due diligence in specified amt of time per their submitted contract which is typically + or - 5-7 days. During this option period, the buyer can do inspections and research the home further to ensure that they really wish to purchase the home. Before 5pm on the last day of this option period (OP) the buyer can terminate the contract f...

Hi Jazlen, There are 2 pending statuses - OP status and a P status. OP means the current buyer has an option on that home to purchase providing they complete their due diligence in specified amt of time per their submitted contract which is typically + or - 5-7 days. During this option period, the buyer can do inspections and research the home further to ensure that they really wish to purchase the home. Before 5pm on the last day of this option period (OP) the buyer can terminate the contract for any reason whatsoever (no questions asked) and receive their escrowed funds (earnest money). They however loose the small deposit they made for the option fee so the seller can keep the home off the market while they conducted their due diligence. Those funds go to the seller if the buyer terminates. If the buyer terminates by 5pm on the last day of their option period - the home goes back on market active again. If the buyer proceeds with the purchase the home goes from option pending (OP) to the Pending status (P). During the pending status, the title company and the lender complete the title and the lending process with the buyer. Particularly on the lending side the lender's underwriting team proceeds to qualify the buyer much further (beyond the initial approval that generated a preapproval letter). If the buyer fails the underwriter's approval, the buyer terminates - "potentially" gets back their escrowed funds (earnest money) if they cannot obtain the loan (contingent on if they're still within their financing period contingency). If the buyer has passed their financing contingency period then they loose their earnest money. This deadline is crucial for your real estate professional to monitor. If the buyer checks all boxes for the underwriter's approval the buyer is "cleared to close" and proceeds to purchase the home with the obtained loan.

Hey Jazlen, Great Question! 'Under Contract,' or "P" means that someone has submitted an offer and the contract and sale in general are pending. You can still submit an offer if the property is in Pending (P), however, sellers can't accept your offer if they've already signed a purchase and sales agreement with other buyers, even if your offer is higher. If the sale doesn't reach closing, though, the sellers can consider your offer. Typically "Under Contract" means the sellers have accepted an o...

Hey Jazlen, Great Question! 'Under Contract,' or "P" means that someone has submitted an offer and the contract and sale in general are pending. You can still submit an offer if the property is in Pending (P), however, sellers can't accept your offer if they've already signed a purchase and sales agreement with other buyers, even if your offer is higher. If the sale doesn't reach closing, though, the sellers can consider your offer. Typically "Under Contract" means the sellers have accepted an offer while "Pending" refers to the later stages of the buying process; when all contingencies outlined in the contract have been met or waived, including all conditions around inspections, ordering an appraisal, and steps to secure financing.