What does option pending mean

Sign in. This lets us know how we can best help get your client started with Homeward. Get my client started ASAP. Get a personalized quote for my client. What is an Option Period? Inspections While a home inspection, report, repair bids and negotiations may take several days to complete and extend the length of the Option Period, home inspections are a good thing for you as a buyer.

Financing Approval Besides the home inspection, the Option Period may need to include time for the mortgage approval process and the bank appraisal. Appraisal When you obtain financing from a lender, the bank will require an appraisal of the home before they will lend you the money.

How Homeward works 1. Tell us about you, your existing home, and your current situation. Get pre-approved so you know exactly what your new home budget is. Make a Homeward Cash Offer to win your new home. Cash offers are four times more likely to beat financed bids. Get Started. Schedule a call Schedule a Call. For homebuyers Buy before you sell. For agents Partner with us. Company About us. This time is typically used for home inspection purposes and repair bids so that buyer can ensure the amount offered is still worth while.

Pending-continue to show - means while the property is under contract, sellers would like to continue to show the home in an effort to obtain back up offers or at least other interested buyers in the event the current contract falls through. This can happen just because the seller would like to have peace of mind or there may be a higher risk due to buyers qualifications, contingencies or other reasons.

Pending just means that there is a contract with no or a completed option period and final stages of closing are in process. If you have found a home in a pending status that you feel is really a great fit, if its Continue to show, see if your realtor can set up an appointment. Any other pending status, bookmark it for notifications or better yet, have your Realtor watch it for you. Christopher Dayanand about 4 years ago. Many agents above have clearly detailed out the differences on each pending status.

When I am helping my buyers, I just ignore any pending status houses. There are plenty of houses that will meet a buyers needs and wants. There are many times a house comes out of pending status due to inspection, appraisal and buyers foolish mistake like making a huge purchase just before closing which has a huge impact on their debt to income ratio. Chris Coldwell Bankers Jerry Ryan about 4 years ago.

Closing is when the actual sale takes place. Until closing, the terms of the Contract is of utmost interest. One of those is concerning the option period and the option fee. Option Pending OP means the seller has a Contract on the house, but the Contract is in its option period. The Buyer paid a negotiated option fee for this option period and it can be for any amount of time negotiated into the Contract. Something on the order of a few hundred dollars for one to two weeks option period commencing immediately after Contract execution date is common.

During this time the buyer can back out of the Contract for any reason or no reason and with no consequences to the buyer other than losing their option fee.

Pending Continue To Show. Unless the Seller is very confident that the Buyer is ready, willing and able to follow through with the Contract, it is a good idea for the Seller to work toward getting backup offers even when the house has a Contract on it. Remember at some point the Buyer and Seller will often have serious negotiations concerning repairs. It is helpful to the Seller during this phase if they have backup offers in hand.

Get top dollar for your home with my guidance and top notch marketing plan. Jerry Ryan Cagdas Acar about 4 years ago. 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. Cagdas Acar Mcs. Abbas Naqvi about 11 months ago. PS - Pending Continue to Show Used for listings currently under contract but are still available to show.

P - Pending Used for listings under contract and are no longer available to show. Disclaimer: Answers provided are just opinions and should not be accepted as advice.

Related Questions. Can a Houston Realtor run a comp for a property in Port Arthur? Also find out its water source? On Nov 07, Is my client bound to perform if they agreed to sell a property to buyer at a specified price through text message? On Jun 28, Credit score is low but I have a lot of money On Jun 06, On Apr 23, Where do I find my notifications On Apr 19, View more Questions. Related Blog Posts in General. Find a Pro. Search Real Estate Professionals. Please register to post and access all features of our very popular forum.

It is free and quick. Additional giveaways are planned. 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. A key message in all this is that you, the seller, have control — on into the far stages of a pending contract — over when and if you stop showing, taking your home off the market and accepting backup offers. Do so when you feel the deal is firm. What does pending mean in TX? Previous Next. Key Takeaways You, the seller, have control over when and if you stop showing your home.