Whats the difference in option pending and pending
6172 answer(s)
About 3 years ago
Option pending, means the process of a specific negotiated amount of days, during what is actually called the option period of having the time and permission and option to inspect the property. This time is also a period of when the buyer has the choice / option of not proceeding through with the purchase of the property. Pending means there is a sale pending.
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DislikeAbout 3 years ago
Hi Benjamin,
It means property received and executed an offer. BUT-
Option Pending is a unilateral contract, during which only one party is required to perform- Seller is required to sell, but Buyer is not required to buy, since Buyer purchased the option to terminate their contract within time frame specified in the contract.
If Buyer proceeds with the purchase, listing status will change to "Pending" once the option periof expires.
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
It means property received and executed an offer. BUT-
Option Pending is a unilateral contract, during which only one party is required to perform- Seller is required to sell, but Buyer is not required to buy, since Buyer purchased the option to terminate their contract within time frame specified in the contract.
If Buyer proceeds with the purchase, listing status will change to "Pending" once the option periof expires.
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
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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