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 does option pending in real estate?
In real estate, sale pending (or “offer pending”) means that a buyer submitted an offer on a house and the seller has accepted.04-Nov-2021
What does it mean if a house is under contract option pending?
Pendings (Option pending, Pending Continue to Show, and Pending) all mean the same thing, that the property is under contract with a buyer or tenant. Occasionally some of these Sellers will accept back up offers in case the first contract falls through.01-Apr-2019
What does Pending Call mean in real estate?
When a home listing in the multiple listing service (MLS) or on an online listing portal like Zillow (NASDAQ: Z) (NASDAQ: ZG) shows as "pending" or "sale pending," it means that the seller has accepted an offer on the home from a buyer.12-Apr-2020
What does it mean when an offer is pending?
Sale pending (or “offer pending”) simply means that a buyer has submitted an offer and the seller has accepted it. In other words, this isn't the sort of situation where you can simply opt to outbid all the other buyers – it's already past that point.17-Sept-2020
What is difference between option pending and pending?
Please tell WHAT IS THE DIFFERENCE BETWEEN “OPTION PENDING” AND “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.08-Jan-2020
How long is the option period?
14 daysThe 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.18-Jan-2019
Can a pending home sale 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.
What's the difference between under contract and pending?
UNDER CONTRACT – indicates a property where an offer has been written and accepted by both parties. ... Many things can go awry during the under contract period and a fair number of homes will come back on the market. PENDING – means that all of the above have been satisfied.25-Sept-2013
Why would a house go from pending to active?
1 The pending sale will go back to active if the loan is rejected due to a buyer's impulse financing. It's also possible that buyers might not have knowledge of liens or judgments filed against them. This can also affect their creditworthiness so the loan the buyer thought he had in place can ultimately be denied.
What does pending with contingencies mean?
Contingent“Contingent” or “pending” status means that the home's owner has accepted an offer from a prospective buyer and that the offer comes with contingencies. ... For example, a buyer may place an offer on a home, but the offer is contingent on the buyer selling their current home first or contingent on obtaining a mortgage.28-Jan-2022
Can under offer fall through?
When a home is under offer, it can't be sold to anyone else. However, because offers to buy can often fall through, the vendor is still still allowed to market the property and hold inspections.30-Jul-2021
What is a pending offer on Zillow?
When your real estate listing goes from “active” to “pending,” it means you've accepted an offer, but the sale hasn't closed yet. (You'll also hear real estate agents use the phrase “under contract” for this post-offer, pre-close time period, too).
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 "offer pending" mean?
Sale pending (or “offer pending”) simply means that a buyer has submitted an offer and the seller has accepted it. In other words, this isn’t the sort of situation where you can simply opt to outbid all the other buyers – it’s already past that point.
What is pending sales?
Like anything in real estate, pending sales are variable based on a number of factors. Competitive market conditions can influence the likelihood of a pending sale – as can time of year, or region. According to data collected by the National Association of Realtors, pending sales are most common in the American South, and least common in the American Northeast.
What is a contingent sale?
What does “contingent” mean? A contingency is a requested provision – a safeguard of sorts – to protect the buyer’s earnest money for a specific situation where the buyer would feel compelled to back out of the deal. They’re often used to make home sales dependent on appraisals meeting a certain threshold or the buyers being able to sell their current home. A sale can be pending based on contingency. When a buyer requests a contingency and the seller accepts, it is a contingent sale. At this point the seller can’t accept another bid, but the buyer can opt out if their contingency isn’t met.
What is buyer remorse?
Buyer’s remorse: homebuying is an extremely emotional process. Homebuyers may have second thoughts about the home, moving, or the condition of the home itself. Low appraisal: Low appraisal issues sometimes happen when bidding wars raise a home price way above market level prices.
How long does it take to sell a house?
If you’re hoping to snap up a home should it go back on the market, the typical timeline for a pending sale is anywhere from a week to 60 days. This is the time it takes for the seller and/or the buyer to meet the requirements of the sale, whether that’s securing a loan, having a title check, completing a home inspection, fixing repair issues, or the buyer selling their existing home.
What happens if you don't meet the contingency?
If the contingency isn’t met, then the sale is cancelled , and the earnest money deposit (a small good faith deposit of 1 to 5% of the home’s value, given along with the offer) is returned to the seller.
What to do if your home is pending?
Have your eye on a specific home that’s pending? Reach out to our team of qualified local agents and they can answer your questions, put together a backup offer (if they’re being accepted), or find another home that’s an even better fit for you.
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 does "pending" mean in a sale?
If a property is pending, the provisions on a contingent property were successfully met, and the sale is being processed. Eventually, the sale moves to “ pending ,” which means the issues have been resolved, and the deal is almost done.
What does pending sale mean?
A pending sale means that a seller has accepted a successful bid from a buyer. This usually means the contingencies have been worked out, and the buyer is locked in on the sale.
Why is my pending sale going through?
For instance, if the buyer’s loan application is denied and they’re unable to secure financing, the sale cannot proceed.
How to find out if a seller is still accepting offers?
Contact the listing agent: First, have your real estate agent find out if the seller is still accepting offers while the sale is pending and if they included a kick-out clause in the sales contract.
What to do when buying a home?
If you’re just starting the home buying process, the best thing you can do is to start the mortgage process today. Get your financial affairs in order and get preapproved for a mortgage. That way, when you reach the pending process on your dream home, you’ll ensure the process goes smoothly.
How long is a house pending?
But on average, homes are listed as pending for between 30 – 60 days. If the buyer is paying in cash, they may close on the house much sooner.
Why are homes listed as pending?
Homes are listed as pending because even though they are under contract, they haven’t sold yet. There’s always a chance the sale could fall through – for instance, the buyer’s financing could fall through.
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.
