Typically, a property will stay in this status till property is closed. Craig Kooken about 2 years ago. The option fee is negotiable as well. During this option period the buyer has the ability to terminate without jeopardizing their earnest money. The option fee would be forfeited to the seller if the buyer terminated during the OP. The pending status is the time after the OP. Typically the buyer has gone through inspections and both parties have agreed to move forward with the transaction.
This information could be much more detailed but this is a very short version of events that could unfold. Antonio Lechuga about 2 years ago. It means that this transaction is on its way there but the deal has not closed yet.
Tramaine Chatman-Rose about 2 years ago. Agents will place a listing in " option pending" during the option period. Once the option period has ended the agent will place it in "pending" status. Penny Clissold about 2 years ago. Option Pending means buyer can still back out. Once the option period is up it goes to Pending. Once it goes to pending the buyer can not walk away. Diane Peters about 2 years ago. Option pending is the limited time given to buyer to inspect the property and renegotiate if there is a problem or cancle the agreement and get the earnest money return to them.
And pending is time use to complete the process for closing. Knakita Jones about 2 years ago. The buyer should have the property inspected, get insurance quotes and negotiate needed repairs during the OP. Connie Moreno about 2 years ago. The option period gives you the number of days to terminate the contract for any reason without loosing your Earnest money deposit. Pending is after the option period has passed you can not terminate the contract. Jennifer Jong about 2 years ago. Veronica Mullenix about 2 years ago.
Option Pending and Pending statuses both indicate the property is under contract. However, under the OP status the buyer has an unrestricted option to terminate the contract during the number of days agreed to in the contract for this "option".
The "pending" status is typically used when all contingencies have been satisfied and the property is nearing its closing date. Detailed information about all U. Posting Quick Reply - Please Wait. Similar Threads How long can urban sprawl continue?
How will it continue? Realtors Please help; Option pending vs Option pending continue to show contingencies, appraisal. User Name. Remember Me. View detailed profile Advanced or search site with. Search Forums Advanced. Page 1 of 2. Advertisements So we have seen many listings with Option pending continue to show status. Location: Bloomington IN 7, posts, read 10,, times Reputation: Location: Boise, ID 8, posts, read 26,, times Reputation: Location: South Texas posts, read 1,, times Reputation: Quote: Originally Posted by Lacerta I think you might be thinking of an escalation clause.
City-Data Forum Message. Please make sure you use Option Pending and Pending the right way! Carol Knott Tefft about 2 years 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.
Don Davis about 2 years ago. Claire Moore about 2 years 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. Cagdas Acar about 2 years ago. I would add the "Pending Continue to Show" to complete the terms of listing.
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. Karen Alvarez about 2 years 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. Darby Grimmett about 2 years 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..
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. Fareha Abbas about 2 years 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. Christopher Dayanand about 2 years 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. Gabriela DeLaTorre about 2 years 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. Doris Snipp about 2 years ago. During this time inspections will be none, repairs negotiated or they may terminate, but lose their Option Money.
Pending is moving forward to closing. There can be issues concerning appraisals, surveys, loan approval, disaster occurring, contingency, title complications, repairs not completed, etc.
Agents need to be aware, taking steps to obtain information, approvals as quickly as possible to allow the transaction to close on time. Dwight Johnson about 2 years ago. Option period is a time negotiated and paid for in the contract that gives a client the unrestricted right to terminate.
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