what does option pending mean
OP-Option Pending means the contract is in an option period and the buyer has the unrestricted right to terminate. This is usually 7-14 days. The seller has no right to terminate the contract during this period...only the buyer.
PS-Pending Continue to Show means it is under contract but the seller is still allowing showings for back-up. It does not mean that the contract is any less solid than a property listed as 'Pending'.
P-Pending is under contract but not encouraging back-up s...
OP-Option Pending means the contract is in an option period and the buyer has the unrestricted right to terminate. This is usually 7-14 days. The seller has no right to terminate the contract during this period...only the buyer.
PS-Pending Continue to Show means it is under contract but the seller is still allowing showings for back-up. It does not mean that the contract is any less solid than a property listed as 'Pending'.
P-Pending is under contract but not encouraging back-up showings. Usually the choice of 'P' over 'PS' has more to do with the listing agent's SOP than with the property itself. Many foreclosure agents simply mark the property as 'P' when it's under contract.
All are under contract and could only accept a back-up offer. I hope that helps!
Option period is a negotiated time frame that protects the buyers earnest money. This time frame gives the buyer an opportunity to investigate the property he or she is buying. With all the buyer's findings on the property of interest and before the time frame ends the buyer makes decision if they want to continue with purchase of the home or negotiate repairs or pricing once again. If the buyer and seller can't agree with new terms the buyer may terminate the contract without the risk of loosin...
Option period is a negotiated time frame that protects the buyers earnest money. This time frame gives the buyer an opportunity to investigate the property he or she is buying. With all the buyer's findings on the property of interest and before the time frame ends the buyer makes decision if they want to continue with purchase of the home or negotiate repairs or pricing once again. If the buyer and seller can't agree with new terms the buyer may terminate the contract without the risk of loosing their earnest money, because he or she was in an OPTION PERIOD.
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