For example, you might have found THE perfect house, only to find that it’s status is “Option Pending” or “Pending Continue to Show”.

Ever wondered just what in the heck these different statuses mean? Well wonder no more.

In this blog, I will attempt to explain each status that you are likely to see as a consumer on HAR and what they could mean about the current standing of the home in question. I’ll even give you some insight into how those different statuses are applied, when they SHOULD be changed (let’s face it there are plenty of agents out there who do a terrible job keeping the MLS up to date) and more.

The Different  Status Codes

There are 4 common status codes that consumers might  see on HAR.com. According to HAR’s published documentation those are:

• Active On Market (A) “Used for all currently active listings. Agents must have a valid listing agreement signed by the seller before entering a listing as Active. Listings that have a signed purchase contract should NOT be classified as Active.”¹
• Option Pending (OP) “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.”¹
• Pending Continue to Show (PS) “Used for listings that are currently under contract but are still available to show.”
• Pending (P) “Used for listings that are under contact and are no longer available to show.”¹

There are also 4 others less common status codes that a consumer may never see. For the sake of completeness I’ll briefly mention and cover them as well.

Other Status Codes

Consumers may or may not see the following codes but, as I stated above, for the sake of completeness I wanted to at the very list mention them. The less often seen codes are:

• Sold (S) “Used when a property has funded and closed. All sales closed must be reported to MLS. Sold status should NOT be used before the actual closing.”¹
• Withdrawn (W) “Used when a listing is temporarily taken off the market but a valid listing agreement still exists.”¹
• Terminated (T) “Used when the listing agreement between the owner and the listing agent is terminated prior to the listing expiration date.”¹
• Expired (E) “Used when the contract between the owner and the selling agent ends, at an agreed upon date in the listing agreement.”¹

Status Code Scenarios

It helps to understand when each of the 4 more common status codes will be used, so below I give a few examples of each in hopes that you will better understand what they mean to you in the home buying (and selling) process.

Active –  Active is used when a home is on the market and has no contracts on it. This is the best time to make an offer on a home. The majority of new homes enter the market as Active and don’t change until they either A) accept an offer B) expire C) get withdrawn from the market or D) the listing is terminated.

Option Pending - This usually means that a contract (read: offer) has been submitted and accepted but the buyer has paid for the right to back out for any reason within a certain amount of time (usually between 10-14 days of the executed date on the contract).

Pending Continue to Show - This status might be the most difficult to understand. Most of the time it follows option pending, but is usually used when the seller feels that the buyers may not be strong or there could be other issues that might not be resolved so seller wants to still have market exposure.

For example, if the buyer has not yet been approved for financing. Another example of when this status is used would be if there is some doubt about the appraisal for the home vs the agreed upon selling price (meaning the value may not be close to what the home sold for, thus the bank will not approve the full amount for financing. This could mean the buyer would have to bring money to the table that they may not have, thus putting the contract in jeopardy).

Pending - This is used when the option period is over and the contract is moving toward closing, thus this status usually follows Option Pending.

Sold – Umm…

Probability

There is no exact science to what each code means in regards to if/when the transaction will close because in real estate ANYTHING can happen to cause a transaction to fall apart. That said, here is an estimate of the likelihood that a transaction will close based on it’s status. I used a scale of 1-5 with 1 being the least likely that the deal will close and 5 being the most.

1. Active
2. Option Pending
3. Pending Continue to Show
4. Pending
5. Sold

The Devil is in the Details

Get ready because  I’m probably going to bore you for a moment, but I want to make sure that you have all the facts and information about this topic (If you have what you came here for – that being a basic understanding of the HAR.com status codes - then feel free to skip this next part).

When a property is pending you can still ask to see it. As an agent, the seller is the one that has to tell us “no more showings”, we (agents) can’t make that decision.

In fact, in Texas the agent must submit all offers to the seller up to the date of closing, unless the seller has said in writing that she doesn’t want to see any more offers.

So, if you (acting as a buyer) have seen a house that it is pending but you still decide to put in an offer, your agent must submit it to the other agent. In turn, the other agent must submit that offer to their seller. Again, the only exception to this is if the seller has said, in writing,  that they do not want to see anymore offers.

As stated above, the Active status is usually the best time to submit an offer; but with the greater Houston area entering into a seller’s market, backup offers will become more common. Thus, a backup offer can be submitted during any of the other 3 phases of the contract.

That said, my advice is to talk with (and work with) your agent, because sometimes it makes sense to put the offer in on a pending home and sometimes it doesn’t.

In Conclusion

Knowing the status codes on HAR.com can help you better understand where each house is in regards to it’s availability to the market. Having this knowledge, you and your agent can then decide what homes you want to go look at and what homes you may not want to spend time on. This can help to  better maximize your time in the home buying process.  This is especially important in the current market, which favors the sellers because of low inventory and high demand (but that’s another blog for another day).

If you have any questions about the information above (or anything else), feel free to leave it below in the comments section and I’ll respond (you can also use my contact form, located here, if you’d prefer to ask the question(s) in a less public forum).

¹ – Taken from one or more sources on HAR.com

I want to share those resources and their knowledge with you, so I’ve asked many of them (as well as several non-family members) to be guest bloggers on my site.

Here is an article from my dad, Truman Laminack. He is a licensed inspector (License #6665) who has been in the business for over 9 years and owns and operate All-Star Inspections.

I’ve asked him to share with my visitors some of his insight and information for not only inspections but general house maintenance as well.

Here is his first contribution to my blog. I hope you enjoy it.

Feel free to leave comments and/or questions below and if I can’t answer them, I’ll pass them along to him to get them answered right away.

Ten Tips to Speed Up Your Home Inspection

By: Truman Laminack – All Start Inspections

Speed up your home sale by preparing your home ahead of time using the following tips. Your home inspection will go smoother, with fewer concerns to delay closing.

1. Confirm that the water, electrical and gas services are turned on (including pilot lights).
2. Make sure your pets won’t hinder your home inspection. Ideally, they should be removed from the premises or secured outside. Tell your agent about any pets at home.
3. Replace burned-out light bulbs to avoid a “light is inoperable” report that may suggest an electrical problem.
4. Test smoke and carbon monoxide detectors, and replace dead batteries.
5. Clean or replace dirty HVAC air filters. They should fit securely.
6. Remove stored items, debris and wood from the foundation. These may be cited as “conducive conditions” for wood destroying insects.
7. Remove items blocking access to HVAC equipment, electrical service panels, the water heater, attic and crawl space.
8. Unlock any locked areas that your home inspector must access, such as the attic door or hatch, the electrical service panel, the door to the basement, and any exterior gates.
9. Trim tree limbs so that they’re at least 5 feet away from the roof.  Trim any shrubs that are too close to the house and can hide pests or hold moisture against the exterior.
10. Repair or replace any broken or missing items, such as doorknobs, locks or latches, window panes or screens, gutters or downspouts, or chimney caps. Touch up caulk on the exterior around windows and doors.

Checking these areas before your home inspection is an investment in selling your property.

You can contact Truman using the following information:

You can see more on my “For The Home” board on my Pinterest Page. Give it a follow.

Tip # 1: Working with a stripped screw

Use a rubber band to remove a stripped screw.

Tip # 2: Unclog a Drain

Unblock your drains without pouring harmful pollutants into the water system by pouring down 1 c of salt and 1/2 c of baking soda mixed together, followed by a kettle of boiling water. Can also use baking soda and white vinegar and boiling water.

Tip # 3: Easy Way To Hang A Picture

So simple, but so smart!

Original Source

Tip # 4: How to Paint a Door Knob

Protect doorknobs and hardware in the kitchen and bathroom when you’re painting by wrapping foil around them to catch dribbles. The foil molds to the shape of whatever it’s covering and stays firmly in place until the job is complete.

Original Source

Tip # 5: Cleaning Your Paint Brush

Wrap a rubber band on a paint can to wipe brush – removes excess paint and keeps your can rim clean

Original Source

Tip # 6: How to Clean Your Dishwasher

Place a dishwasher-safe cup filled with plain white vinegar on the top rack of the dishwasher. Using the hottest water available, run the dishwasher through a cycle. The vinegar will help to wash away the loose, greasy grime, sanitizes, and helps remove the musty odor. Next, sprinkle a cupful of baking soda around the bottom of the tub and run it through a short cycle. The baking soda will help freshen and removing stains…. good to do every 6 mths

Original Source

Tip # 7: Remove Soap Scum from Shower Doors

Remove obstinate soap buildup from glass shower doors by sprinkling a few drops of water onto a used fabric-softener sheet and scrubbing.

Original Source (SO MANY GREAT IDEAS ON ONE PAGE!)

PROPERTY INFORMATION

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Contact Me About This Home:
	832-545-4419
	barry@barrylaminack.com

PROPERTY INFORMATION

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Contact Me About This Home:
	832-545-4419
	barry@barrylaminack.com

PROPERTY INFORMATION

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Contact Me About This Home:
	832-545-4419
	barry@barrylaminack.com

The frist one is a magnet board. You can keep all kinds of things on it including bills, numbers, notes, grocery list and much more.

As Seen On http://www.landeeseelandeedo.com/

The next one is an actual cabinet that you can store your broom, mop, dust pan and other items in. I REALLY like this one!

If you have seen in cool ideas for using up the empty space next to the fridge, post a link in the comments section or share them with everyone on my Facebook page HERE.

THIS OPEN HOUSE IS OVER