Foreclosure in Great Neck>Question Details

AIJ2009, Home Buyer in Great Neck, NY

Found a Lis Pendens property that I like. What is the nest step?

Asked by AIJ2009, Great Neck, NY Mon Oct 12, 2009

I subscribed to Pre- and Foreclosure property listings in my area. Found a Lis Pendens property that I like. What is the nest step for me to try to buy this house? Do I contact the owner? Do I contact the lending bank? Anyone with experience in Lis Pendens properties - please respond. Thanks in advance!

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Mike White’s answer
A Lis Pendens means that someone has filed a claim against the property. This will prevent the property from transferring title until it is cleared. Your local Real Estate Professional and their team should be able to find out the details.
0 votes Thank Flag Link Thu Oct 15, 2009
The first step would be to locate the owner and see if they want to sell. The lender will not speak to you without the owners consent and has no power to do anything anyway until after they foreclose.
If you do find a winner, you're likely looking at a short sale unless by chance the owner is not upside down. Then I would recommend getting a goos short sale realtor involved to negotiate this with the lender.
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0 votes Thank Flag Link Thu Oct 15, 2009
1st step are you approved for a loan? If not you need contact a mortgage broker in area for lender statement you are qualified purchase home.

Contact a Trulia agent local to area, or google search for a Realtor

Not all sites require monthly fees publish accurate information, most have outdated info and etc.

A Realtor can interview you, copy of lender specifications forward you updated listings via MLS

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0 votes Thank Flag Link Wed Oct 14, 2009
Lis Pendens just means that action has been filed against the property/owner. It is still owned by the individual. So you would have to talk with seller-but I have found that most properties listed like this on those foreclosure sites are anywhere from 30 to 120 days behind the actual step in the process. Meaning this house could have actually already gone through the foreclosure process, it just hasn't been changed on their site.
Contact a local Agent and they can give you more information about a particular property. Also if it is still in process-the agent would be a great asset in negotiating a short sale buy with the owner-before it goes to auction.
Good luck!
0 votes Thank Flag Link Tue Oct 13, 2009

Contact a local real estate professional for the best information. They will be able to advise you about the value of the property and guide you through the purchase process.
0 votes Thank Flag Link Tue Oct 13, 2009
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