Another stupid house hunting question

[mooncancook]

What does Pending Release and Pending Show mean in the listing?

 

[HomeAppraiser]

A sale pending release is type of pending sale that offers purchase opportunities to other buyers. With a listing that is pending release, the sellers can release themselves from their purchase contract under certain circumstances.

In most cases, a pending release listing is one where the sellers have accepted an offer that is contingent upon the sale of another property. From the sellers' viewpoint, a contingent sale contract is risky. If the buyer's home doesn't sell within the time specified in the contract, the seller may have to find another buyer.

A release clause in a pending sale contract gives the seller more options. If the seller receives an offer from another buyer, who doesn't have a house to sell, he can invoke the release clause.

The release clause usually has a time frame, which can be any amount of time that the buyer and seller agree to. The time period is often 72 hours, hence the clause is often referred to as a 72-hour clause.

Here's how the process works. The seller receives an offer from a second buyer and accepts it in backup position. Then the seller notifies the first buyers that they have 72 hours within which to remove their sale contingency. If they can't, the listing goes to the second buyers.

In the Multiple Listing Service, a listing that is under contract is designated pending until the property transfers to the buyers. Only at that point, is the listing status changed to "sold."However, you may see a sold banner on a for sale sign, or in a realty ad, before title transfers.

 

[SampSon]

They are both statuses of the process of a sale of a home. Both mean basically the same thing.

Home appraiser explained it well. Not all the MLS use all of the different statuses for the pending sale.
Most of the MLS I utilize use just Pending Sale or Contingency in the listing. Then it is up to the realtor to determine the nature of the sales contract that has been written up between the buyer and seller.

 

[mooncancook]

Great info, HomeAppraiser, thanks for the detail explaination.