What is the difference between pending and option pending?
When a property is marked as pending, an offer has been accepted by the seller and all contingencies have been satisfactorily addressed or waived. Pending deals are no longer considered active listings. A home will remain in the pending state until all legal work has been processed.
What does pending mean when buying an item?
The pending means that the item you are looking for is not currently available. A seller can mark an item on pending once the item is sold or the deal has been made with a certain buyer. Once the item has a pending sign on Facebook Marketplace, the buyers can send a message to the seller or save the item on the app, once the item is available the buyer will be notified and they will contact the seller as per the need.
What does it mean if an adoption is pending?
What to do before you disrupt
- Speak to your caseworker. First of all, if you are considering disrupting your potential adoptive placement, communicate with your social worker.
- Do not give ultimatums. Rest assured, when you say to a pre-adoptive youth, “If you do that one more time, you’re out of here!” the probability is, he will do ...
- Keep confidentiality. ...
What's under contract option pending mean?
Under contract option pending means the sellers have accepted a contract with a termination option for the buyer.
What's the difference in pending and option pending?
Option Pending is in place during the Option Period. The option period is the time where the buyer has the option of canceling the contract for any reason. Pending is after the option period and the sale is in escrow. It means the sale is Pending until closing.
What does it mean by option pending?
Option Pending means that the Seller has accepted the Buyer's offer, but the Buyer is still under the option period, which is a unilateral contract, during which only 1 party is obligated to perform- the Seller, and the Buyer has unrestricted right to back out of the contract.
What is the difference between option pending and pending continue to show?
“Pending” means that the seller is confident the sale will close and does not want to show the property to any other buyers at all. “Pending continue to show” means that the seller is moving forward with the current buyer in good faith.
Can you put offers on pending house?
Can you put an offer on a house that is pending? In most cases, the answer is no. * Typically when a buyer submits an offer letter to buy the home, there is a clause that says the homeowner can't cancel the sale if another offer comes in – even if it's a better one.
What does an option mean in real estate?
The basics: What is an option contract in real estate? In the simplest terms, a real-estate option contract is a uniquely designed agreement that's strictly between the seller and the buyer. In this agreement, a seller offers an option to the buyer to purchase property at a fixed price within a limited time frame.
How long is option Period?
The Option Period is usually 14 days, but may be negotiated between parties. Thus, the Option to Purchase is useful as the seller is not allowed to sell the property to any other buyers during the given Option Period, while the buyer has the same period of time to consider whether to go ahead with the purchase.
How often do contingent offers fall through?
Overall, successful contingent offers are common. According to the National Association of Realtors (NAR), 76 percent of all homes sold in January 2018 had contingencies. Among contingent offers, less than five percent fall through, according to multiple sources.
Is pending and under contract the same thing?
For a home to be listed as pending, that means the home is under contract and there are no longer any contingencies on the sale. Once a property is listed as pending, the home is much closer to actually being sold than when it's under contract.
What is meant by option?
Options are financial derivatives that give buyers the right, but not the obligation, to buy or sell an underlying asset at an agreed-upon price and date. Call options and put options form the basis for a wide range of option strategies designed for hedging, income, or speculation.
Which is better pending or contingent?
Is pending or contingent better? If a property is listed as contingent, the sellers has accepted the offer, but there are certain contingencies that need to be met, so the property is still active. If a property is listed as pending, however, the contingencies have been met and the sale is being processed.
Why would a house be pending for so long?
There are a lot of mundane reasons a pending offer can just sit in limbo for months on end. Those include things like inspections, or a delay with the survey, appraisal, or even the homeowner insurance.
Can I outbid an accepted offer?
You may have heard the saying "buyer's remorse," but did you know that there is actually a legal way to back out of an accepted offer? If your Offer Acceptance Clause includes contingencies and earnest money, then it's perfectly legal for buyers who want their deposit refunded.
What does "pending" mean in a contract?
Pending means they are out of the Option Period to back out of the Contract due to repairs. It means if there where any problems the seller and the buyer have work thru them and Pending is the last stage before they close. I hope this helps. Option Pending means that the transaction is still within the Option Period.
What does "option period" mean?
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 does "active continue to show" mean?
Active Continue to Show: If a listing says "Active Continue to Show", it means the Seller has accepted an offer on their property. It also says that the Seller will continue to show it for backup offers. Most agents keep a listing in this status until the Buyer has removed most of their contingencies (ie.
How long is an option pending?
The buyer and seller agree on the amount of the fee and the length of time for the option period. It is typically 7-14 days but can be whatever amount of time the buyer and seller agree upon.
What is an OP pending listing?
OP / Option Pending as defined by HAR MLS Rules and Regulations: Listings that are under contract and the seller and buyer have agreed to use the “Termination Option” in paragraph 23 of the standard TREC contract, effective 1/1/03.
What happens during the option period?
Typically it is during this option period that the buyer will conduct their property inspections and in some cases will attempt to renegotiate the contract to include remedies for the deficiencies found during inspections.
What does "in option period" mean?
It means a buyer has contracted with the seller and the buyer is still in their option period.
What does OP mean in a contract?
Option Pending - known as OP status means the contract is in an option period, this typically stays 7-14 days and also buyer needs to pay the option fee as well. In this case, the seller has no right to terminate the contract during this period, just only the buyer. OP-Option Pending means that the buyer has paid a fee for ...
What does pending sale mean?
A pending sale status means the seller has accepted an offer from a hopeful buyer, but the deal hasn’t closed yet. (This is different from a contingent sale.) A property is placed in pending status the minute a contract is executed. But there’s still a chance the home can be up for grabs again—say, if the home inspection doesn’t check out or the buyer can’t pull together the financing.
What is the best way to improve the odds of a property being accepted?
Being open to negotiation is one of the best things you can do to improve the odds of your offer being accepted, Malin notes. “It helps make the case that you are serious about the property,” Malin says. “Your goal is to convey a sense of urgency to the current owner and make your offer, quite simply, hard to refuse .”.
Can you offer more than the asking price?
This doesn’t necessarily mean putting in a higher bid—although that can certainly help. If—and only if —you’re financial ly comfortable, you could consider offering more than the asking price. But you can also make yourself an attractive buyer by presenting convenient terms to the seller. Maybe you want to agree to waive a mortgage contingency, pay closing costs, or offer flexible moving dates.
What happens if a buyer walks away after the option period ends?
In the case that the buyer decided to walk away AFTER the option period has ended, the seller would be entitled to the option fee AND the earnest money that was deposited with the title company upon execution of the contract . Usually the earnest money is 1% of the sales price of the home.
When does the option period start?
The option period begins as soon as the offer is accepted and the contract is executed.
Is there a reason to keep up with a pending home?
If the buyer of that home decided to terminate, the home will show as “active” again. Therefore there is no reason to keep up with a “pending” home.
Can option fees be applied towards closing cost?
The option fee can be applied towards closing cost if agreed upon.