The only chance you might have is following up the foreclosure sale immediately with the bank. Odds are, the bank won't even talk to youeven IF you can find the right person to talk to. I did buy a house this way myself a number of years ago. My advantage was I was a real estate broker and the bank sent me the keys. This is not likely to happen today. The only way to buy a foreclosure before it gets to MLS is to buy at foreclosure sale itself. Keep in mind, you may be paying MUCH more than if you waited until it gets listed. Get yourself a good agent and be ready to see anything new on the market the moment it's listed. Also, have your proof of funds to pay cash if you really want to buy this type of property. Odds are it won't qualify for financing in it's current condition and the bank that owns it doesn't care. They will just find someone else with cash to buy. If you are looking for constant nightmares, just try and buy a short sale.
Lis Pendens is a legal term in notification to potential buyers. The only way to find out what the Lis Pendens action is all about is to contact the telephone number on the notice. The person/business/bank/entity is obligated to inform anyone who calls what the Lis Pendens form they are using and to what extent it will
affect the sale of the property. They may also have information available to them that you will be helped
in locating the owner(usually on public tax records-available through the county where the property is
located) or the bank/lending institution selling the property.
If you have any further questions you may contract me by my e-mail: email@example.com.... more
Hi Allie - You really won't know until you start the process. First, find out how many loans are involved (normally, there's two). For each, find out if the short sale has been approved by the bank(s). If they have, the process could go through pretty quick. If not, it would be much longer. The time required to close a short sale has as much to do with the status of the home seller as it does with the particular bank. For example, if the seller is current on all payments and hasn't started the short sale process with his bank, then this will be a slow process regardless of who has the mortgage.
Another way to move short sales through is to hire a short sale specialized. These guys can do a great job of moving a short sale through the process. The bank ends up paying their fees, so it doesn't cost the buyer or the seller.