Foreclosure in New York>Question Details

Ji, Home Buyer in Upper East Side, New...

Property has a lis pendens action. Best way to find out if this property is available to purchase.

Asked by Ji, Upper East Side, New York, NY Thu Jun 28, 2012

Hello, I am interested in a building in manhattan which I have learned has a lis pendens action on it (the property is not on the market and I have no current position with the property). What would be the best way to determine if this property is available? Can the bank be approached directly to potential negotiate takeover of this title? Any one with experience in this matter?

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Hire a real estate sales professional to work on this for you.
0 votes Thank Flag Link Mon Jul 2, 2012
it probably means that the owner has defaulted on the loan and the lender may be considering a loan modification, short sale or a foreclosure action. If it is listed for sale, brokers will be able to check that.
0 votes Thank Flag Link Fri Jun 29, 2012
I would contact a local agency and have them check to see if it has been listed with a broker.
0 votes Thank Flag Link Fri Jun 29, 2012
Any local agent/realty office can provide information and locate the owner, therefore consider a call. Keep in mind that until the bank has full possession of the property, the owner is still the owner...
0 votes Thank Flag Link Fri Jun 29, 2012
Firstly properties ion Manhattan were the last into the collapse and the first out. The reason being 72% apts are co-ops where if you could n,ot afford the property you could not get by the co-op board. So no income no asset verification loans simply did not work here. I am a brokerr and get a lot of questions on afforable housing here.there are other options in getting those, but they often come with onerous conditions. You should contact your bbroker with your particular property interest and he can research it for you I am not saying it is impossible just unlikely..
Best wishes in your search, Toby.
0 votes Thank Flag Link Thu Jun 28, 2012
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