What does the term option pending mean?

That is the buyer's period to get inspections done and chance to back out. During the option period, the buyer is able to back out of the deal with no questions asked for any reason and have the earnest money returned. Normally 7-10 days but can be shorter, longer or not applied.

It means that another buyer has placed an offer on that property and it is currently in the option period

“Option pending” means that the seller has accepted an offer on the house they are selling and are under contract with a buyer. During the first several days of the contract—typically 7-10 days—the buyer enters into a window of time called an “option period.” At this time, the buyer has access to the home to perform any type of inspections needed to ensure they are aware of any issues they will be inheriting with the home. Repairs can also be negotiated at this time. If everything goes well, and repairs are agreed upon, the status will then be changed to “pending” or “pending continue to show” until the home is actually sold and closed.
If the buyers change their mind during this “option period” and decide they no longer want the home, they can terminate the contract and the listing will be changed back to “active” on the MLS and available again to potential buyers.

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Pending is when something is not working or is under process. For more detail, you can visit the source link

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Hi Shantell,

A buyer who enters into a contract to purchase residential property has an opportunity to ask for an “option period”. That period allows the buyer to conduct home inspections, negotiate repairs and also- walk away from the deal for any reason.
During that time, the listing will be classified as “Option Pending”. Once the option period expires (generally buyer’s agents will ask for 7-10 days), the listing will then go into “Pending” status (if the buyer choses to move forward with the purchase).
If the buyer decides to back out and terminate the contract, the listing will go back to “Active” status.

“Option period” is a unilateral contract, during which only one party is required to perform- the Seller is required to sell the property, but the Buyer is not required to buy it. If Buyer moves forward with the transaction and does not terminate before the expiration of the “option period”, the contract then becomes binding on both parties.
I hope this helps!
Thank you,

Yvonne Chauvin- REALTOR®
MCNE, CNE
Better Homes & Gardens Real Estate Gary Greene
YvonneChauvin@yvonnechauvin.com
Cell: 281-686-0143