Option-Pending: What are MY Options as a seller?
Should I stop showing my home or take it off the market after it becomes “Option Pending”? The answer is no. Once your home is in the hands of a title company we suggest that you continue showing it and let others know that you are open for a backup contract.
Getting accepted for a home loan isn’t as easy as it used to be since the introduction of new lending laws for banks and mortgage lenders. Buyers that may have been qualified a year ago may no longer be qualified. More specific to your situation, your buyer may not have received final mortgage loan approval, or there may be issues having to do with the appraisal or survey, which could affect whether a mortgage company wishes to fund the loan.
For these reasons, keeping your options open is the best policy. I suggest you accept a backup contract if you have more than one buyer, informing both of your decision.
A key message in all this is that you, the seller, have control – on into the far stages of a pending contract – over when and if you stop showing, taking your home off the market and accepting backup offers. Do so when you feel the deal is firm.
Key Takeaways
- You, the seller, have control over when and if you stop showing your home.
- Keep your options open by accepting a backup contract if the opportunity presents itself.
- Inform both prospective buyers that there is another possible buyer.
- Take your home off the market when you feel the deal is firm.
Here are some additional discussions on the topic:
What does “Option Pending” or “Pending Continuing to Show” mean?
