It should be marked Pending accepting backups.
Taking YOU in the Direction YOU Want to GO in REAL ESTATE!!
Simply Put, Pending AB means that there is a contract, however the seller is accepting back up offers. There is a more detailed explanation that should be provided by your Realtor providing all of the pros and cons when making a backup offer or accepting a backup offer on a property. Due Diligence is a period that can come with a fee, where the seller & buyer has come to an agreement in the contract to have "all things done" sort a speak (loan, inspections, appraisal, repairs, etc.) This also has a more detailed definition that can be explained by your Realtor. If you have more questions and/or would like a sample copy of the Offer to Purchase Contract. Please let me know.
Pending AB means the property is under Contract but the Seller is Accepting Back-ups. The property will remain Pending AB for the "option" period or until such time as the Buyer makes a decision to void the Contract. In the latter case, any Seller accepted Back-up would then become the new Contract.
Merri, I hope this has been of some help. Feel free to contact me direct if you have any further questions.
Kind regards, Michael.
Michael F. Adamson
Broker in Charge/Owner/REALTORÂ®
Realty Executives Triad
1316 Westgate Center Dr
Winston Salem NC 27103
As my associates have already stated, Pending AB is the MLS designation for Pending, Accepting Backups. While this is not a new status for listings, it will become more common for agents to use it now that we have the "Due Diligence" Offer to Purchase and Contract.
The Due Diligence is more than just a time for inspections. this is just what the name implies, a time for the buyer to excercise due diligence. While inspections may be one such item to address, there are others. For example, loan conditions. The previous contract had an escape clause that typically was longer than the inspection period. The buyer merely had to be uncomfortable with the loan going through to walk away from the contract. Now, the buyer must be confident before the due diligence period expires or lose the earnest. Another item could be homeowners insurance. Most people don't realize it but there are homes that are uninsurable for many reasons. Making sure that insurance is available or affordable falls into due diligence. The appraisal also falls into the due diligence period with the exception of loans underwritten by FHA.
There are many things that a buyer should be aware of pertaining to the due diligence period. Your agent should be able to educate you on most of these scenarios as they are explained in the contract. There are always exceptions however, so always proceed with caution.
If you do not have an agent, I would be happy to work with you. I am member of the NC Assoc of Realtors Forms Committee that created the current Due Diligence form over the last several years. As such, I have taught other agents around the state how to use this form. Feel free to contact me direct anytime.
Better Living Carolina Realty
Winston Salem, NC
Pending AB means there is a contract on the home pending, however the agent will accept back up offers.
With an offer to purchase and contract, the Due Diligence period, is the time frame that you have to get all of your inspections, your mortgage loan in place, appraisal, etc.. and during that time frame , if you decide you do not want to continue to purchase the home, you can walk away from the contract to purchase for any reason or no reason at all.
I would be happy to talk with you further about buying and selling a home, please call me at 336-659-8091 or email me at firstname.lastname@example.org
However, right now we are using the pending ab status in lieu of the due diligence status because our MLS system has not been switched over.
The due diligence period is an opportunity for the buyer to investigate the property and the transaction contemplated by the contract and to determine, in Buyerâ€™s sole discretion, whether or not to terminate or proceed with the transaction. During this period, no other buyers can "jump in front of" their contract with the seller.
So, the bottom line is that the buyer that has a pending contract on the property is within this due diligence time period. Your only option would be to submit and negotiate an offer to purchase and contract that would be in a "back up" position to the existing contract.