Home Buying in Menlo Park>Question Details

Chi-hua Chien, Home Buyer in Palo Alto, CA

what does PR mean as a status for a house? I suppose PS is pending sale...

Asked by Chi-hua Chien, Palo Alto, CA Mon Jun 8, 2009

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PR means pending with a release clause. that means that if someone gives a back up offer the seller can give the first buyer notice to remove their contingency within a specified time period or they get kicked out of the contract. This status has traditionally been used for sales contingent on the sale of another home.

However, recently this status has been used for short sales. when a seller accepts an offer and sends it to the bank the agent will often want back up offers in case the bank does not approve or the first buyer drops out while waiting. In this case the seller can not kick the first buyer out if they get a better offer.

marcy
Web Reference: http://www.marcymoyer.com
0 votes Thank Flag Link Tue Jun 9, 2009
Hi Chi-Hua,

The PR Status generally means that there is a contingency in the contract that has yet to be removed. PR directly means Pending with Release.

This usually means that they are willing to take a back-up offer in case the current offer falls though

If you are interested in writing and offer or backup offer on a property, let me know.

Brendan Aiello – Cashin Company Realtors
AielloB@gmail.com
(650) 403-6262
http://www.BrendanAiello.com
Web Reference: http://teamtapper.com
0 votes Thank Flag Link Mon Jun 8, 2009
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