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targus zox

Please tell WHAT IS THE DIFFERENCE BETWEEN “OPTION PENDING” AND “PENDING”

Option Pending is in place during the Option Period. The option period is the time where the buyer has the option of canceling the contract for any reason. Pending is after the option period and the sale is in escrow. It means the sale is Pending until closing. Once all documents have been signed at the close of escrow the listing is then moved from pending to sold.
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Please tell WHAT IS THE DIFFERENCE BETWEEN “OPTION PENDING” AND “PENDING”

By targus zox   
Posted on Jan 08, 2020 in Topic: Country Home / Acreage Living
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Option Pending is in place during the Option Period. The option period is the time where the buyer has the option of canceling the contract for any reason. Pending is after the option period and the sale is in escrow. It means the sale is Pending until closing. Once all documents have been signed at the close of escrow the listing is then moved from pending to sold.
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Status: Open
Viewed: 682
Asked by: Consumer
Posted: 2 weeks ago
Bronze
Diane Peters
about 2 weeks ago
Option Pending is the time the buyer have to inspect the property and see if they want to go forward and get their earnest money back. And Pending say the buyer contract is accepted and they want to move forward after the option Period.


about 2 weeks ago
Silver
Penny Clissold
about 2 weeks ago
During Option Pending buyers can still negotiate repairs and can terminate the offer. Once it’s in Pending they can no longer walk away. It s a done deal at that time.


about 2 weeks ago
Bronze
Baljinder Mann
about 2 weeks ago
Option Pending means that the transaction is still within the Option Period. So, buyers have a chance to back out.
Pending means they are out of the Option Period to back out of the Contract, It means if there are any problems the seller and the buyer have work thru them and Pending is the last stage before they close.


about 2 weeks ago
Bronze
Roberta Guillot
about 2 weeks ago
Option pending is during the buyers option period, usually 7-10 days, where the buyer can back out for any reason. Pending is once the option period has passed.


about 2 weeks ago
Bronze
Deborah Gonzalez
about 2 weeks ago
Option pending is on the first 7-10 days of an offer acepted and the buyer has the right to do the inspections and do negociations with the seller.
And pending is the status when the process move on to next steps like appraisal , survey, etc


about 2 weeks ago
Bronze
Pending means they are out of the Option Period to back out of the Contract due to repairs. It means if there where any problems the seller and the buyer have work thru them and Pending is the last stage before they close. I hope this helps. Option Pending means that the transaction is still within the Option Period.


about 2 weeks ago
Bronze
Brenda Francis
about 2 weeks ago
Option Pending means this is the time the buyer has to inspect the property and make the decision whether to go forward or not with the property. Still in the Option Pending time if the buyer refuse to go forward they will receive their earnest money back. Pending means the buyer and seller has accepted the terms and is moving forward towards closing.

Brenda H. Francis
Connect Realty
713.927.8493
brendasellhomes@gmail.com


about 2 weeks ago
Bronze
Frederick Richards
about 2 weeks ago
Option period is typically 5 to 10 days agreed upon by seller and the buyer. Within option period timeframe the buyer has had the property inspected and is negotiating any concerns such as repairs, adjustment of list price as a result of issues with the home that made have been found during inspection or any home related issues that may prevent the buyer from backing out of the deal. Which the buyer as the “option” to do so within the agreed upon option period. Pending is the home is going through the financing , conducting surveys and Appraisals process. At this time buyers doesn’t have the option to “freely” back out of the deal as the home is going through escrow and closing. Any other questions please reach out.


about 2 weeks ago
Gold
Anthony Taylor
about 2 weeks ago
Most time when you see Option pending the seller will allow the listing agent to show it or take back up offers. When I post pending most times it's a sure thing and the closing date is already set. Most agents say it's a back up plan to make sure your client home get sold. Please make sure you use Option Pending and Pending the right way!


about 2 weeks ago
Bronze
Carol Knott Tefft
about 2 weeks ago
To clarify, during option pending the buyer has purchased an option- an unrestricted right for the buyer to terminate the contract. Usually buyers have inspections and determine if they want to move forward or not. BUT the right to terminate during the option period is unrestricted. Once a property is pending, a buyer cannot choose to terminate the contract.


about 2 weeks ago
Bronze
Don Davis
about 2 weeks ago
Option Pending States Buyer Still Has The Right To Terminate without forfeiting there Earnest Money, Pending Buyer no longer has right to terminate unless unable to get financing. Option Pending 50/50 Chance of closing, Pending Has 75% Chance of Closing Hope This Helps-#ADonDeal #DDLRG #DonDavisLuxeRealtyGroup


about 2 weeks ago
Bronze
Claire Moore
about 2 weeks ago
This is a great question, glad you asked. The difference is option pending is during the option period of 10 days or whatever you have agreed upon. Pending is past those days up into the time that it will close. I hope that clarifies if not please contact me and I will try my best to clarify it even more. Have a great day


about 2 weeks ago
Diamond
Cagdas Acar
about 2 weeks ago
Hi Targus,

See the definitions of these by the MLS below. I would add the "Pending Continue to Show" to complete the terms of listing.
Option Pending: "Listings that are under contract and the seller and buyer have agreed to use the “Termination Option” in paragraph 23 of the standard TREC contract"
Pending Continue to Show "Used for listings currently under contract but are still available to show. Listings having a contract with a contingency and taking back-up offers should be Pending Continue to Show"
Pending "Used for listings under contact and are no longer available to show."

Thanks and Regards,

Cagdas Acar
Msc PSA CPE VLB
832-283-1091
acarster@gmail.com


about 2 weeks ago
Bronze
Karen Alvarez
about 2 weeks ago
Option period is a specific number of days agreed upon by Seller and Buyer to perform the Physical Inspection of the property by a licensed inspector. Whether a general property inspection or a specific one. During this time the Buyer may Terminate the contract and receive the Earnest Money released from the Title company. Pending means this Termination Option is over and the Earnest Money is no longer returned unless Seller and Buyer agree to Terminate the contract and release the Earnest Money.


about 2 weeks ago
Diamond
Darby Grimmett
about 2 weeks ago
Here is the general break down for each status:

The different pending options are as follows:

OP: Option Pending - The sellers have accepted a contract. This period is the time the buyers continue their due diligence and complete inspections. The buyer pays for this option period and in return has the unrestricted right to terminate at any time for any reason. Any repair amendments should also take place within this period. I watch properties very closely in the option period.. sometimes you see them go back active pretty quickly due to buyer change of heart.

PS: Pending continue to Show - For reasons determined by the seller, they have continued to show the home although a contract has been accepted and through the option period. Sellers may choose to keep showing the home if there is a contingency or while waiting for final financing approval as determined in the Third Party Financing Addendum.

P: Pending - Option period complete, contract is waiting to close. No showings will be allowed through CSS.

I'd be happy to check on a specific property you want more information on. Feel free to send it my way!

Darby Grimmett
Keller Williams
darby@darbygrimmett.com
936-827-9217


about 2 weeks ago
Bronze
Fareha Abbas
about 1 week ago
During Option Pending is the time where the buyer have to inspect the property and see if they want to go forward and get their earnest money back. During this period buyer can negotiate repairs . After that Pending say the buyer contract is accepted and they want to move forward to closing.


about 1 week ago
Platinum
Christopher Dayanand
about 6 days ago
During option pending, buyer can do all types of inspection. Buyer can walk out based on the reports and at the most he will lose option money but will get back his earnest money. Once it gets into option status then buyer can still back out but will lose earnest money and all other money spent on like appraisal fee.


about 6 days ago
Bronze
Gabriela DeLaTorre
about 2 days ago
Option Pending means the period when buyer can do inspections on the house and back up out of it and losing only the option fee. Pending means inspections (if done) have been negotiated and transaction is moving forward pending on financing being 100% approved


Source:


http://web.har.com/mls/StatusDefinitions.pdf

about 2 days ago
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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