We all have questions, and I love it when clients and others ask me theirs. I realize that for everyone who asks, there are likely many others who wonder but were afraid to ask.
Last night a client shot me an email: "Lottie, what does pending-show status mean?"
There are 3 classifications of pending sales that we use here:
1. “PR” – pending, with a release clause. Used for short-sales, or for when the seller has accepted an offer contingent upon the sale of the buyers’ property. If another offer comes in, the first buyer generally has 72-hours in which to remove their contingency, or the offer is void and the seller able to move on to another offer
2. “PS” – pending, continue to show. Seller has accepted an offer; buyer has certain contingencies like property inspection, loan contingencies and a set time in which to remove them. During this period, listing agents generally want the property seen by potential buyers just in case the buyer decides not to go through with the purchase.
3. “PN” – pending, do not show. Once all the buyer’s contingencies have been removed, property generally isn’t made available for further showings; it’s just a matter of the time ticking until loan is funded, buyer’s funds are all in place, escrow closes and the sale records.
So, for anyone in the Silicon Valley and San Mateo County who might be wondering the same, let's give a big thank you to my client for asking. If you have questions, please shoot me a note. Let the conversation continue!