An active option contract means the seller has accepted an offer to sell their property.The buyer can’t get back the option fee if they opt out of the home sale, even if they back out for a reason that is covered by a contingency in the contract. The option fee is usually applied to the final sale price of the home.
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What is the difference between active option and pending?
OPT Active Option Contract: Seller has accepted an offer but the Buyer is exercising the option period from the sales contract.PND Pending: Property has an offer (Contract with no contingencies, Kick Outs or Options). The seller requests no further showings and does not want to entertain backup offers.
Can you make an offer on an active option contract?
Can I Make an Offer on an Active Option Contract Listing? As long as the status hasn’t changed from active option contract to pending, potential buyers may still make an offer on the house. The listing agent will carry that offer to the seller, who can choose to accept it as a backup offer only.
What does active and pending mean?
“Active” means a property is for sale, and the seller is seeking offers. “Pending” means the property is still technically for sale, but someone has made an offer.
Can you make an offer on a house that is active contingent?
In most cases, putting an offer in on a contingent home is an option to consider. Although it doesn’t guarantee you’ll close on the home, it does mean you could be first in line should the current contract fall through. Putting an offer in on a contingent home is similar to the homebuying process of any active listing.
What does active no showings mean?
Definition of Active – No-Show
A home may have an “Active – No-Show” status if the seller has stated that the home cannot be toured at that time. If you’re interested in a home that’s listed as Active – No-Show, contact a Redfin Agent in your area to get the details.
What does option Period mean?
An option period is an agreed-upon period of time, after the buyer and seller have signed the real estate contracts, during which the buyer can terminate the contract for any reason without risking their earnest money.
Can you look at another house while under contract?
A real estate agent is not only allowed to continue showing a home that’s already under contract, he’s encouraged to do so in the best interest of his client. Likewise, homebuyers are also encouraged to view homes that are under contract, or pending, as the status is often referred to on multiple-listing services.
What is an active kick out listing?
According to the MetroTex Association of Realtors, the description of Active Kick Out, or KO, status is: “Property has an offer contingent upon the sale of another property by buyer. Still available for showings and backup offers. Will expire on the original expiration date the agent entered.”
What’s the difference between pending and under contract?
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.
What does it mean when a house is active with offer?
Active with Offer is when there is an accepted offer, but the seller is seeking backup offers in case the buyer falls through. The seller is still showing the property and taking secondary offers. Offers must be updated within 48 hours of acceptance.
Can you take your house off the market after accepting an offer?
Can you back out of an accepted offer? The short answer: yes. When you sign a purchase agreement for real estate, you’re legally bound to the contract terms, and you’ll give the seller an upfront deposit called earnest money.
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.
Can a seller back out of a contingent offer?
To put it simply, a seller can back out at any point if contingencies outlined in the home purchase agreement are not met.A low appraisal can be detrimental to a sale on the seller’s end, and if they’re unwilling to lower the sale price to match the appraisal value, this can cause the seller to cancel the deal.
How do you bump a contingent offer?
The bump clause allows the seller to accept another offer, so long as the seller notifies the original buyers and sees if they will waive their contingency. If not, the buyer accepts the new offer and the first buyer receives the payment they put down.
Why do sellers accept backup offers?
A seller may accept backup offers so if the current buyer walks there is another purchaser ready to close the deal. By collecting backup offers, the seller avoids having to remarket the listing, show the home again or sift through numerous new offers, because backup buyers eagerly await the home on the sidelines.
What does temporarily no showings mean on Zillow?
Active-Temporarily No Showings (TEMP): A property that is still listed with an exclusive brokerage agreement in effect and is not under contract for purchase. The property is unable to be shown, except for reasonable restrictions noted on the listing in the showing instructions.
What does temporary no showings mean?
Temporarily Off Market is a status of a real estate listing that indicates that the home is temporarily unavailable for showings and offers.Most common is that the seller has decided to start a home repair job that is disruptive to buyer showings of the home.
What does offer no show mean?
Contingent – No Show
This designation essentially means that there is a solid offer on the property that is likely to make it to the closing table. As a result, the seller no longer wants to show the property to other prospective buyers. From the current buyer and seller perspective, it’s about as good as it gets.
How much money is Option Period?
Option money typically ranges from $100 to $300 depending on the purchase price of the home. The option money will be credited to the buyer at closing; however, should the buyer decide to cancel the contract this money will be forfeited to the seller.
Can buyer back out after appraisal?
Contingencies are conditions that must be met before a real estate contract is legally binding, and each includes a specified time frame. An appraisal contingency is a clause that allows home buyers to back out of their contract if the appraisal value of the property is less than the agreed-upon purchase price.