What is the difference between “Option Pending” and “Pending”
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DislikeAbout 4 years ago
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. During this option period, they can terminate the contract for any reason. Once that period has ended and the buyer has not terminated the contract, it then enters into the "pending" phase until closing takes place and it is then considered "sold".
Gayle B. Wooten, Ph.D., PMP, GRI
281.380.1280
Gayle@WootenRealEstate.com
eXp Realty, LLC
Gayle B. Wooten, Ph.D., PMP, GRI
281.380.1280
Gayle@WootenRealEstate.com
eXp Realty, LLC
About 4 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. Hope this helps you. vm
About 4 years ago
Option pending gives the buyer the right to terminate the contract within the number of days and pending means the buyer will move forward and doesn’t give the buyer the right to terminate the contract.
About 4 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.
Pending is after the option period has passed you can not terminate the contract.
About 4 years ago
“Option Pending” is within a certain # of agreed upon days the buyer can terminate the transaction without reason and receive their Earnest Money back. The buyer should have the property inspected, get insurance quotes and negotiate needed repairs during the OP. “Pending” means buyer did not terminate, they are much closer to owning and no longer have the unrestricted right to terminate.
About 4 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.
About 4 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. It’s pretty much a done deal ,
About 4 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.
About 4 years ago
Option Pending = There is a contract for purchase of said property. The buyer has the OPTION of backing out at any time and for any reason during this time window.
Let’s assume the buyer does not back out and the window for opting out has closed. As soon as the window to opt out closes, the transaction moves into PENDING.
PENDING does not mean sold. It means that this transaction is on its way there but the deal has not closed yet.
Let’s assume the buyer does not back out and the window for opting out has closed. As soon as the window to opt out closes, the transaction moves into PENDING.
PENDING does not mean sold. It means that this transaction is on its way there but the deal has not closed yet.
About 4 years ago
The option pending “OP” status is the negotiated time between both parties for the buyer to have the property inspected. Some buyers won’t have an option (no advised) other option periods can range from 1-20 days depending on both parties. 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. Some agents will list the status after the option as PS pending continue to show in case the loan doesn’t get final approval. This information could be much more detailed but this is a very short version of events that could unfold.
About 4 years ago
Option pending status is when you have an executed contract and you are in your agreed days with the unconditional option to release yourself out of the contract and receive earnest money refund. This is the buyer time to have inspections. Pending status is when you have passed your inspection time and have agreed to purchase the property. Typically, a property will stay in this status till property is closed.
About 4 years ago
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. Once all documents have been signed at the close of escrow the listing is then moved from pending to sold.
Debbie Bevers
Walzel Properties
713-576-9635
Debbie Bevers
Walzel Properties
713-576-9635
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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