Now that you understand what OP and P mean I would like to add that in the past when you saw either it was best to move on but today that is not always to way to go. There are buyers who are putting offers on multiple properties to lock them down due to inventory being so low...then they will release the ones they really did not want when the one they did want makes it through the inspections and subsequent negotiations.
So don't over look properties just because someone else has a contrac...

Now that you understand what OP and P mean I would like to add that in the past when you saw either it was best to move on but today that is not always to way to go. There are buyers who are putting offers on multiple properties to lock them down due to inventory being so low...then they will release the ones they really did not want when the one they did want makes it through the inspections and subsequent negotiations.
So don't over look properties just because someone else has a contract on it. Take a look and wait out the option period or make a back up offer.

Option pending is the period during which a buyer who has placed a contract on a property has the unrestricted right to terminate it. Pending/Pending Continue to Show is the period AFTER the option period has ended.

If a seller is fairly confident that the buyer will obtain financing or perhaps in the case of a cash sale, he/she may want to use Pending status. If the seller is not as confident and wants to continue to allow showings on the property, Pending Continue to Show may be the...

Option pending is the period during which a buyer who has placed a contract on a property has the unrestricted right to terminate it. Pending/Pending Continue to Show is the period AFTER the option period has ended.

If a seller is fairly confident that the buyer will obtain financing or perhaps in the case of a cash sale, he/she may want to use Pending status. If the seller is not as confident and wants to continue to allow showings on the property, Pending Continue to Show may be the best choice.

The "Option Pending" status is used when the buyer has the unrestricted right to opt out of the contract for any reason without penalty. This is usually for a specific number of days, which are agreed to by the parties and indicated in their purchase contract in paragraph 23.
After the option period has passed there could be other contingencies that need to be satisfied before a property can close. Often times when contingencies remain the seller requests that the property be in "pending con...

The "Option Pending" status is used when the buyer has the unrestricted right to opt out of the contract for any reason without penalty. This is usually for a specific number of days, which are agreed to by the parties and indicated in their purchase contract in paragraph 23.
After the option period has passed there could be other contingencies that need to be satisfied before a property can close. Often times when contingencies remain the seller requests that the property be in "pending continue to show" (PS) status until all contingencies are met.
Your Realtor can contact the listing agent of any property in either status to inquire about the likelihood of the contract terminating or not. With more information about the specific contingencies associated with a contract, you and your agent can decide whether it is worth your time to view a OP or PS property and possibly put in a "back up contract".
I've had several occasions over the years when my client has put in a back up offer, and the first contract terminated due to one of the contingencies, and my buyer became the buyer of the home! It's exciting and fun when that happens!

Hope this helps.
Good luck with your home search.
vm

Hi Linda,

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 op...

Hi Linda,

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
 Email 
936-827-9217