What’s the difference between OP, P, and PS? | #RealEstateTalk
What’s the difference between OP, P, and PS? How are the property statuses of OP, P, and PS different and what is happening during each status.
OP (Option Pending) – The property is under contract. The buyers are in the process of getting the property inspected. The buyers have the unrestricted right to terminate the contract during the option pending status. If the buyers terminate the contract, the property returns to an Active status. If the buyers move forward with the transaction, the status of the property will change to either P or PS.
P (Pending) – The property is still under contract. The buyers are in the process of closing on the property. Title work, insurance, survey, HOA information, appraisal, finalizing financing are all being performed and completed during the pending status.
PS (Pending continue to Show) – The only difference between the Pending and the Pending continue to Show statuses is the sellers are still accepting showings on the property during the Pending continue to Show status. The reasons the sellers may still be accepting showings are because the contract is contingent upon the buyers selling their current house or the sellers may be uncertain if the buyers will be able to finalize their financing and close on the property.