Quick Answer: What Is The Difference Between Under Contract Option Pending And Under Contract Pending?

What does it mean option pending?

“Option Pending” means there has been accepted offer on a home and it is under contract in its “option period”.

The option period is a time a buyer will conduct inspections and can change their minds about the home purchase without forfeiting their earnest money..

Can a seller accept another offer while under contract?

“Although this will cause some pushback and sometimes isn’t looked at as the most ethical, a seller can legally still accept any other offer up until attorney review conclude as the deal isn’t officially under contract.” For the most part, though, buyers more commonly back out of contracts rather than sellers.

What is a 7 day option period?

An Option Period is a specified number of days during which the buyer has the right to have the property inspected and can cancel the contract for any reason. The Option Period can be “bought” for a fee known as the Option Fee in which the amount can be negotiated between the buyer and seller.

How long does a contingency last?

A contingency period typically lasts anywhere between 30 and 60 days. If the buyer isn’t able to get a mortgage within the agreed time, then the seller can choose to cancel the contract and find another buyer.

What does pending mean on a real estate listing?

Pending simply means that a buyer submitted an offer and the seller accepted. This means that the home is basically sold, but the deed and title haven’t passed on yet.

What does it mean under contract option pending?

It means a buyer has submitted an offer that has been accepted by the Seller. The Buyer is now in the “option period”. Meaning the Buyer still has the option of backing out of the purchase. … If they decide not to back out by the end of the option period the contract would be pending.

What is the difference between option pending and pending?

Pending is after the option period has passed you can not terminate the contract. … A property goes from Active to Option Pending to Pending to Sold. The difference between “option pending” and “pending” is that the buyer has purchased a period of time called “option period” for them to do inspections and due diligence.

Can you make an offer on a house that is pending?

What does pending mean in real estate? … Some real estate agents may not be willing to accept offers on homes where a sale is pending. Still, there is no harm in asking, as there is no legal barrier to making an offer on a house until the sale is final.

What under contract means?

The buyer has made a formal offer and the seller has accepted.

Can pending sales fall through?

A sale that is “under contract” means an agreement has been made between the seller and buyer, but the sale is still subject to contingencies. In a “pending sale,” contingencies have lapsed, and the deal is near closing. A pending sale can still fall through if there’s an issue with financing or the home inspection.

Why is a house pending continue to show?

Pending Continue to Show means that is under contract but the seller is still allowing showings for back-up. And lastly “Pending” means that property is under pending contract, generally just waiting for closing.

Can the seller back out during the option period?

The seller doesn’t need this protection because, as the owner of the property, they don’t have any due diligence to perform. If a seller wants to back out during the option period, they’ll need another valid reason, such as the buyer failing to pay their option fee by the deadline listed in the contract.