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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.
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 option Contact 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 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.
What does it mean active with contract?
A: Active with Contract means the buyers has a contract to purchase on the property. The contract has a contigency so the seller can still look and accept other offers.
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.
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’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.
How often does a house fall out of contract?
According to Trulia, the percentage of real estate contracts that fall through for any reason, including a bad home inspection, is 3.9%. That means 96.1% of contracts make it across the finish line, which are pretty good odds for any deal.
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.
What is the difference between contingent and active contingent?
When you are looking at online home listings, “active” status indicates that the property is available for sale. But with a contingent listing, the contract is contingent upon the buyer’s ability to sell his existing home, i.e., if the buyer doesn’t sell his home, he is able to back out of the contract.
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.
Why would a house say pending continue to show?
Pending means that the seller 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. However, the property will continue to show through the listing agent.
What does active status mean on Zillow?
Active. This means that a property is currently on the market and available for sale. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open for you to make a proposal.
Can a realtor show a house that is pending?
Realtors can continue to show a house that is pending. If this is the case, sellers will allow the Realtor or real estate agent to show the property during closing. Due to the many reasons a pending sale can fall through, it is not uncommon for sellers to continue to show the property.
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 long does it take to close on a house?
Typically, you can expect closing on a house to take 30 – 45 days. As of June 2021, the average time to close a home purchase is 51 days, according to the Ellie Mae Origination Insight Report.
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.
