This page defines the terms, 'pending', 'verified', 'expired', and 'withdrawn' offer status' within the Openn platform.
Pending
A 'pending' offer status means the listing agent has NOT reviewed the offer to determine if it is a legitimate offer and contains no errors.
This status helps ensure all offers that appear before the Seller, Buyer Agents, and Buyers are real and that the offer summary is accurate compared to the terms specified within the purchase agreement documents.
Important: Every offer that is submitted will be registered as a pending offer, the pending offer will not appear on the TimeLine for other parties to see, nor will parties be notified of the offer while in the pending status.
Verified
A 'verified' offer status means the listing agent has reviewed the offer and confirmed that the offer is valid.
As soon as the listing agent "verifies" the offer, the buyer agent, and buyer are notified that the offer has been received and reviewed by the listing agent. All participating parties will also be notified that a new buyer has submitted an offer.
Important: The seller can see all offers, however, the seller is only notified of new offers once they are verified by the listing agent.
Expired
Offers that have expiry dates or irrevocable dates on them will auto-expire. The offer will remain on the Timeline but will be identified as an expired offer.
Important: An expired offer can be modified but new offer documentation must be uploaded when the offer has been modified. All modified offers will register as pending offers and must be verified.
Withdrawn
Withdrawn offers will be identified as illustrated below. The offer will remain on the Timeline and will be identified as being withdrawn.
Important: The buyer agent will be moved to an observer role and will continue receiving notifications.
