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Old 04-25-2008, 03:43 PM
 
23 posts, read 106,915 times
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I was looking up homes on the Internet and found one in Allen that I really liked - but under "Status," instead of "Active" it says "Opt" - what does this mean??!! Is it still available or is this a term for "under contract" or something else? Thanks!!
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Old 04-25-2008, 03:48 PM
 
Location: Lewisville
212 posts, read 1,153,721 times
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I think that would mean it's in the option period. Someone has signed a contract, and the offer has been accepted, but the buyer has the option to back out. I think it usually lasts for 10 days if I remember right.
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Old 04-25-2008, 03:50 PM
 
23 posts, read 106,915 times
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BlosmTx - Thanks so much! Knew I could count on this forum for an answer!!
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Old 04-25-2008, 11:37 PM
 
Location: Dallas/Fort Worth, Texas
4,207 posts, read 15,250,942 times
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That's exactly correct. However, many agents don't change the status to Pending after the option period is up. The date the option is up is listed in the MLS, your Realtor can look it up for you. It also means that it can still be shown for back up offers.

Naima
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Old 04-25-2008, 11:41 PM
 
98 posts, read 334,465 times
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Quote:
Originally Posted by pianoteacher View Post
I was looking up homes on the Internet and found one in Allen that I really liked - but under "Status," instead of "Active" it says "Opt" - what does this mean??!! Is it still available or is this a term for "under contract" or something else? Thanks!!
Option to buy.
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Old 10-06-2008, 04:42 PM
 
Location: Dallas
45 posts, read 125,972 times
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Default Opt

It means they have a contract and they are currently in the Option period which is usually 7 to 10 days and gives the buyer the right to opt out during that time period if they choose to
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