Home Buying in 77316>Question Details

Caroline Smi…, Home Buyer in Montgomery, TX

what does pending mean in TX?

Asked by Caroline Smith, Montgomery, TX Thu Oct 27, 2011

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Don Groff’s answer
Hello Caroline,

I think P has been explained pretty well. You may also see PB. That is pending but taking backups. This is another option the home can be listed as while it is under contract. This can be chosen over pure pending for many reasons no reasons at all. The agent may not feel the offer is very solid for some reason or they just want to allow for the opportunity for a backup contract.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
1 vote Thank Flag Link Fri Oct 28, 2011
In general, a Pending status indicates the property is under an Executed Contract (all terms and conditions have been agreed to by Buyer ane Seller and earnest money has been deposited, but the sale has not yet closed escrow; in other words, funds and title have not yet transferred).. Three categories of "Pending" contracts are used in the Multiple Listing Service. The first, designated as OP, means "Option Pending". In TX, the Buyer can pay the Seller a nonrefundable Option Fee to "buy" a specific period of time (usually between 7 and 14 days) during which the Buyer can terminate the contract for any reason..or no reason at all! Generally Buyers use this Option Period for inspections and any other due diligence, and to negotiate any repairs that may arise based on those inspections. The next stage is usually PS, or Pending Continue to Show. PS indicates the transaction is past its Option Period, with a far more limited number of reasons the Buyer may terminate the contract, mainly having to do with final mortgage loan approval or issues having to do with appraisal or survey. As the name implies, because not all of the contract contingencies have been met, the property is still available for other agents to "show for back-up" in case the existing contract is terminated. The final status, P, means Pending, Most properties are designated as "Pending" once all of the contract contingencies have been met, until the sale can actually close escrow. This is a very general summary...There are exceptions...For example, foreclosure properties do not have "Option Fees or "Option Periods" so normally skip the "OP" stage. I've probably raised more questions than answers...let me know if we can explain further or help in any way with your Montgomery-area home search!
1 vote Thank Flag Link Fri Oct 28, 2011
Pending means in a real estate business That listing is under contract,and is no longer available to show. The transaction has not closed, but is pending.
0 votes Thank Flag Link Fri Oct 28, 2011
Here's the answer to your question, according to the "powers to be".
OP Option Pending - Listings that are under contract and the seller and buyer have agreed to use the “Termination Option” in paragraph 23 of the standard TREC contract, effective 1/1/03.

PS Pending - continue to Show Used for listings that are currently under contract but are still available to show.

P Pending - Used for listings that are under contact and are no longer available to show.

Please let us know if we can help you in any way. For more info, please see the link below.
0 votes Thank Flag Link Fri Oct 28, 2011
Caroline,

"Pending" is a universal real estate term that is associated with property that was/is offered for sale but that has a written and accepted contract. This offer may or may not have contingencies that need to be satisfied prior to closing and may or may not be continued to be viewed by the public. This would depend on the specific terms of the agreement.

Hope this is helpful.

Bill
0 votes Thank Flag Link Fri Oct 28, 2011
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