Home Buying in 94015>Question Details

o.rabino, Other/Just Looking in 94015

What does pending with release mean?

Asked by o.rabino, 94015 Sat Jul 28, 2012

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David Tapper’s answer
Pending with release means one of two things. It's either a short sale, and they are waiting for the lender to accept the offer, or the buyer purchased the home subject to the sale of their home and it has a 72 hours release clause.

If it has a 72 hour release clause and another offer comes in, the seller must notify the buyer that they have accepted another offer the the buyer has 72 hours to remove their contingency or the seller will go with the new offer.

NOTE: It's usually 72 hours, but it can be negotiated to shorter or longer terms.

Best,

Tap
0 votes Thank Flag Link Sun Jul 29, 2012
Good Evening,
These are the Status Definitions taken directly from the MLS website, I hope this helps.

Status Abbreviation Definition

Active A Valid listing contract exists and no offer accepted.

Pending with Release, continue to show PR Accepted offer on the property – a release, “escape” or “kick-out” clause exists in a purchase contract that allows one party to withdraw under certain circumstances. This status may also be used to indicate the property is a Short Sale with an accepted offer.

Pending without Release, continue to show PS Accepted offer on the property, still showing to prospective buyers for offers in back-up position to the first accepted offer.

Pending Do Not Show PN Accepted offer on the property. No additional showings to solicit buyers.
Sold S The Final Sale has occurred.
Expired E Listing Contract has Expired.
Canceled C Listing Contract Canceled, or Listing is not qualified for inclusion in MLS.
Withdrawn W No longer on the MLS, but a valid contract exists with the Listing Broker. Temporarily Off-market.

Regards,
Mike
0 votes Thank Flag Link Sat Jul 28, 2012
Hello! That means an offer has been accepted by the seller but contingencies such as appraisal, loan and inspections have not been removed yet but most commonly, this is the status for short sale listings that have an offer submitted to the short sale lender but has not been approved yet. It also means the seller may still allow other potential buyers to view the property. Hope this helps!
0 votes Thank Flag Link Sat Jul 28, 2012
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