What is the difference between active option and pending?
An active option contract is when the seller has accepted an offer but the Buyer is exercising the option period from the sales contract. Pending is when the property has an offer (Contract with no contingencies, Kick Outs or Options).
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.
What is the difference between contract and pending?
What does it mean when a home is pending? 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.
Can seller back out of active option contract?
Earnest money is only refundable if the buyer or seller backs out of the contract for any reason outlined in the contract. If the reason they back out isn’t in the contract and the deal falls through, the seller gets to keep the money. If the sale goes through, the earnest money goes toward the sale price of the house.
What does an active option contract mean?
An active option contract means the seller has accepted an offer on their home and the property is now in the option period. During this time, the buyer has the unrestricted right to terminate the contract for any reason without risking their earnest money deposit.
What does active contract mean?
Share. Save. “Active Under Contract” is a real estate term that indicates the status of real property (single family home, condo, townhome, etc.) that has been put up for sale wherein a seller has accepted an offer from a buyer, but the deal has not yet closed.
Can you make an offer on a pending house?
The simple answer is yes, you can offer on a house before selling your own.
What does contract option pending 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.
Is pending or under contract further along?
When a home is pending, it is most likely much further along in the contract. Pending sales mean that the buyers and sellers have fulfilled contingencies in the contract, so the home is very close to selling.
What does active option contract mean on MLS?
What does pending to active mean?
If a property goes from Pending to Active, this means the original contract fell through for some reason (Buyer terminated during Option Period, Buyer couldn’t obtain financing, Contingency fell through, etc.).
What does contingent active option contract mean?
An active contingent status means the seller accepted an offer but there are issues or contingencies that must be met before the property is sold. Common contingencies include the buyer needing to sell their current home, the buyer waiting on approval for a mortgage or the home passing inspection.
Do pending sales ever fall through?
One of the most common reasons a pending sale falls through is that the buyer isn’t able to qualify for financing. Eighty-eight percent of home buyers finance their homes, according to the National Association of Realtors (NAR) 2018 Home Buyers and Sellers Generational Trends Report.
What’s the difference between pending and contingent?
A property listed as contingent means the seller has accepted an offer, but they’ve chosen to keep the listing active in case certain contingencies aren’t met by the prospective buyer. If a property is pending, the provisions on a contingent property were successfully met and the sale is being processed.
Is pending or contingent better?
Can you sue if house sale falls through?
If the buyer pulls out of the sale after contracts were exchanged, you can sue them for any loss this causes you and you may be able to keep the deposit. You will need to get legal advice.